WTI(USOIL) remains bullish
WTI(USOIL) gears up for another bounce higher as tariff tensions triggered a steep drop in oil prices. Cheap crude is beginning to boost demand, which has seen a turnaround in fortunes for the black gold. A new high at 63.00 saw some resistance as prices pulled back slightly. With another rally expected, 62.80 is the next target. However, failure to break higher would keep the long-term downtrend intact, with 58.70 being the first support should the price start to turn lower.
GBPUSD begins the fightback
The pound looks to gain some momentum as the dollar lost ground across the board. With the Fed remaining tight-lipped on future rate cuts or increases, prices jumped over 100 pips. The pair is advancing towards the psychological level of 1.3000. However, a bullish turnaround would need a close above 1.2920 for validation. On the flip side, 1.2800 is the first support, with the RSI hitting a double bottom.
NZDUSD tests resistance
The New Zealand dollar was another currency taking advantage of the sell-off on the greenback. After the kiwi touched 0.5700, attention turned to the emerging bullish divergence on the RSI. 0.5630 is fresh support with the hope that sentiment could be turning upbeat in the near term. A successful bounce would need to lift 0.5760 first, followed by the recent swing high of 0.5830, to attract momentum buyers and trigger a runaway rally.
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