Forex Trading Library

Intraday Analysis – WTI Dragged Lower

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USOIL (WTI) tests support
USOIL (WTI) Chart: Testing critical support at 77.00.

USOIL (WTI) hit a new low, with concerns over supply disruptions continuing to weigh heavy on the black gold. While a bearish divergence emerging suggests lingering selling pressure, the price looks to have found a floor at 77.00. A bullish breakout could prompt sellers to bail out, reducing some pressure. The psychological area of 80.00 is a significant hurdle to lift before a recovery can materialise. On the downside, the daily double bottom at 75.70 is a critical support.

NZDUSD attempts to rebound
NZDUSD Chart: Symmetrical triangle pattern forming.

The New Zealand dollar grinds sideways as price action develops a symmetrical triangle. Before the pattern emerged, the kiwi had retraced most of its losses from the April slump. The RSI’s fall from the overbought area attracted some bargain hunters, but these sellers must clear 0.5970 before any hope of a reversal. 0.6060 is the first resistance, and a break here opens up the previous top at 0.6080 before 0.6100 can be tested.

UK 100 extends record hitting streak
UK100 Chart: Extending record hitting streak, aiming for 8500.

The FTSE 100 hit a record high for a fifth session as the British economy grew more than expected. The index continued to rally as the index finally broke the 8400 level. Any chance of a pullback will first need an 8270 break and then a test at 8100, which was the previous support. A further breakout would lead to a test at 8500 before more records are set.

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