Forex Trading Library

Intraday Analysis – WTI Crude Hits Another High

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USOIL remains bullish
USOIL Chart: WTI crude oil's bullish movement due to supply threats, showing key resistance and support levels.

WTI crude continues the rally due to supply threats over recent geo-political tensions. The price remained bullish after moving over $10 in value this month. A series of failed dips in price action sees bulls firmly in control as whispers of $100 being hit sooner rather than later. The psychological level of 83.00 is the first resistance, and bears could be looking to double down at rebounds. 80.00 would be the next stop if the selling pressure resumes otherwise, expect a clearance of 82.50 for another leg higher.

AUDUSD slips lower
AUDUSD Chart: Australian dollar's decline with key support and resistance levels amid rate cut speculations.

The Australian dollar slipped as slowing inflation could see the RBA signal rate cuts. The pair continues to lose ground after it failed to stay above the brief consolidation zone around 0.6650. 0.6570 at the start of the bullish breakout earlier this month is crucial to keep the June rebound valid. The RSI’s oversold condition could trigger a bullish move, but bulls need to clear 0.6680 before they can hope for a meaningful rebound.

NAS 100 failure swing causes setback
NASDAQ 100 Chart: Nasdaq 100's rebound and bullish sentiment despite profit-taking, highlighting key levels.

The Nasdaq 100 recoups losses supported by upbeat US economic data. The index came across more buying interests as price action geared up for another record high. Profit-taking has driven the quote lower, but there is no sign of liquidation. Overall sentiment remains exceedingly bullish, and trend followers are eager to jump in for another fresh high. 19400 is the closest support, and 19800 is the first obstacle to lift.

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