(USOIL )oil hits resistance
(USOIL )oil halted its latest rally as talks between the U.S and Iran continue. The price action is grinding the monthly high towards 67.00, as a breach could trigger an extended rally in the medium term. With the RSI double-dipping into the overbought area, any chance of a turnaround needs confirmation below 64.00 before a test at the previous low of 62.00.
USDCAD spikes higher
The greenback kept its momentum against the Canadian dollar after hitting a fresh high. The pair is seeking to confirm a break above the psychological 1.3700 level. After hitting some consolidation, the short-term price action looks poised to test the support at 1.3650, and its breach could send the greenback to the critical floor at 1.3500 as the RSI develops a bearish divergence. On the upside, 1.3700 is the first hurdle to test the next target at 1.3760.
EURAUD gaining momentum
The Euro attempts to claw back some losses after the recent downturn. The price turned south after spiking above 1.6800 in recent sessions, suggesting the medium-term bias remains in favour of a continued move lower. A break below 1.6630 would invalidate the latest bounce and confirm more pessimism on the higher timeframe. The RSI’s neutral stance could lead to the next signal higher or lower, with 1.6800 waiting on the horizon.