USOIL(US crude oil) tests demand zone
WTI crude (US crude oil) hit another high after global tensions continued to escalate. The psychological level of 70.00 seems to be where tough resistance lies, suggesting that there could be more range-bound trading opportunities. 68.70 is a pivotal support to keep the latest rebound valid, as its breach would trigger a new round of sell-off towards 67.00. On the upside, 70.80 is the first resistance to lift.
AUDUSD tries to rebound
The Australian dollar inched higher after the RBA kept its cash rate unchanged. The pair is still grinding its recent low as bulls try to avoid a deeper correction. Its breach would open the door to 0.6450 and potentially the psychological level of 0.6400. The swing high of 0.6560 is a significant hurdle to clear to alleviate the pressure, with 0.6500 as a close support. Only a confirmation above the daily resistance of 0.6580 would confirm that the bulls have regained control, and a reversal is underway.
US 30 remains pressured
The Dow attempts to bounce back to its record high after the recent sell-off halted at 43000. The index was under renewed pressure after its fall below the daily support of 43600. The recent bounce is likely to meet strong resistance around 44000, with the bears looking to sell into strength. Only a break above the said resistance would help buyers secure a foothold again. Failing that, the recent double bottom at 42900 is a critical floor to prevent further liquidation.
