WTI crude (USOIL) continues correction
WTI crude (USOIL) maintains its bearish stance after failing to cover the recent downward gap. Sellers have clawed back most of the losses from the bullish rally as prices are at a crossroads now. A close back above 77.50 would prompt more sellers to close their positions, easing the selling pressure. A bullish breakout could signal a reversal in the weeks to come. Otherwise, 73.20 is the immediate level at which to expect follow-up bids, and 70.60 would be an essential level to avoid a dramatic sell-off.
USDCHF looks for a lift
The US dollar attempted to claw back losses after falling over 100 pips. A drift below 0.9100 accelerated the greenback’s downfall as price action bounced towards 0.9000. A breakout below this round number will trigger renewed selling interest and open the door to 0.8920. At this level, it would be intriguing to see whether buyers would emerge. The bulls will need to clear 0.9140, then the recent peak at 0.9200 to alleviate the downward pressure.
XAUUSD recoups losses
Bullion remains bullish amid geopolitical turmoils and a weakening US dollar. The price continues its way higher after clearing resistance near the previous demand zone around 2715 as sentiment remains broadly upbeat. 2760 is the next hurdle before the precious metal can reach the recent spike and the all-time high above 2790, which would be a step closer to fully resuming the climb. However, a limited pullback cannot be excluded to let the rally take a breather. 2700 would be the first support in that case.
Test your trading strategy on forex and stocks with Orbex