The FTSE (UK 100) seeks support
The FTSE (UK 100) continued the global index sell-off as prices hope for some support. The index hit resistance at 8150, and profit-taking by intraday buyers has weakened the momentum. The previous swing low of 8000 is the closest support to expect follow-through buying, but failing that, 7920 would be the bulls’ second line of defence to keep the rebound bias intact. On the upside, a bullish breakout would bring the index back to the daily resistance of 8200.
AUDUSD finds support
The Aussie found some support after the recent downturn, which broke the 0.6300 level. The price continued lower towards the 0.6200 zone before having a lift after the RSI ventured into deep oversold territory. 0.6250 at the recent faded rebound is the resistance, which could give the pair some breathing room in the process. A bullish breakout would extend the Aussie’s recovery to 0.6360. On the downside, 0.6210 has turned into an immediate support.
USOIL continues sell off
Oil WTI hit lower lows as price action fades away from the recent peak above 71.00. Last week’s weekend gap to the downside still lingers on, and the drop below 70.00 has so far capped any potential rebound for the commodity. A move back above 69.50 is a prerequisite before buyers can push back in a meaningful manner. Otherwise, the monthly lows of around 67.00 might be exposed.
