(WTI)USOIL tests key resistance
(WTI)USOIL capitalises on the summer season, as increased demand is expected to lead to higher prices. A bounce off the critical floor of 65.00 indicates that the buy side has not given up yet. The narrowing consolidation is due for a breakout, which will dictate the next move. The previous swing high of 69.00 is a major hurdle to lift before bulls can hope for a further rally. Conversely, 65.80 is the first support, and 65.00 is the bulls’ last stronghold to prevent a bearish move.
USDJPY pushes higher
The US dollar gained further momentum against the Yen as the pair broke the 147.00 barrier. The pair has been subdued in recent sessions, and a previous bearish divergence suggested a deceleration in the upward momentum. 146.00 is now a firm support, and its breach would force leveraged long positions to close and trigger a correction. 147.80 is a key level to expect bulls to test, and then 148.50 to keep the upward bias intact.
XAUUSD attempting to find support
Bullion attempts to halt the sell-off as price action hits a fresh low. The price seems to have secured a foothold around the level of 3340 and a series of lower lows combined with a tentative break below 3400 suggests mounting selling pressure. On the upside, 3,370 is the immediate target to maintain some momentum.