( WTI) USOIL maintains bull run
( WTI) USOIL moved higher as demand for the black gold looked brighter for the remainder of the year. As the daily RSI moved away from the oversold area, bulls might take a breather after they cleared the 63.00 level. A previous test at the psychological bottom of 61.80 was the last layer of defence before a potential deeper correction. 64.00 becomes a fresh resistance to clear before a full recovery can take place, with 65.80 on the horizon.
NZDUSD finds support
The New Zealand dollar fell further away from its recent peak as the sell-off continues. On the chart, the pair has slipped below 0.5900, putting immense pressure on those who previously jumped on the early September rally. Only a clear cut above 0.5880 would improve the market mood, as price action finds some support at 0.5840. Otherwise, a new round of selling could send the kiwi to 0.5800, and then 0.5750.
GBPUSD drops lower
Cable also saw a pullback as the dollar eyes a swift turnaround. The pair is hovering below 1.3500 as trend followers seek to maintain the dollar’s medium-term trajectory. A bullish move would prompt sellers to cover their bets and put Sterling on a steady rebound towards 1.3550. On the downside, a fall below the immediate support of 1.3460 would expose the critical floor at 1.3400.
