Crude WTI (USOIL) hitting resistance
Crude WTI (USOIL) falls into a consolidation after jumping over $5 in value. After hitting a high towards 62.50 in previous sessions, economists were sure that $65 a barrel would be hit in the next month. This could still be the case if crude can close above 62.00, giving the black gold a chance to break higher. Bulls will need to be wary of the high fluctuation in price action, as a fall back below 60.00 would leave prices vulnerable to another sell-off.
EURUSD stuck in a bear trap
The euro continues to maintain its grip over the dollar after adding over 300 pips in value in recent sessions. Zooming into the intraday chart, the selling pressure is waning as a jump above 1.3000 has continued the bullish run. A close back above the peak of 1.1450 at the last swing high could be enough to resume the euro’s climb. Failing that, 1.1270 becomes a critical floor as sentiment remains unstable.
GBPJPY looking for a bounce
The pound finds some support after bouncing away from the 187.00 level. The pair looks to capitalise on its break above 188.00 and is aiming at the previous spike towards 190.00. A bullish breakout could pave the way for an extension higher. In the meantime, the RSI’s fading condition has led to a slight pullback, with buyers reluctant to chase after high bids. A drop below 187.50 opens the door to 186.20 at the base of the last swing low.