USOIL(Crude) continues downtrend
USOIL(Crude) adds to its bearish attitude as the black gold hits a fresh low. The price action is grinding the end-of-year lows towards 70.00 as the breach could trigger an extended rally in the medium term. 69.65 will be the first hurdle, and then a move past 68.80 will continue the sell-off. With the RSI double dipping into the oversold area, any chance of a turnaround needs a confirmation above 71.50 before a test at the previous peak of 73.20.
USDCAD remains pressured
The Canadian dollar kept its momentum against the greenback after hitting a fresh low. The pair is seeking to confirm a break at the psychological 1.4000 level. After hitting some consolidation, the short-term price action looks to test the support of 1.4150, and its breach would send the greenback to the critical floor at the said psychological area. On the upside, 1.4260 is the first hurdle to test the previous consolidation at 1.4320, as the RSI sticks to the oversold region.
EURAUD gives up gains
The Euro gave up its recent gains as price action remains choppy. The price turned south after spiking above 1.6600 in recent sessions. This suggests that the medium-term bias is still in favour of a continued move lower. A break below 1.6500 has invalidated the latest bounce and confirmed pessimism on the higher timeframe. The RSI’s previous overbought nature gathered support, and a further sell-off needs a 1.6400 break to move back to December’s lows.