Intraday forex analysis covering GBPUSD analysis, NZDUSD, and USOIL analysis with a focus on key market movements, support and resistance levels, and short-term price action trends across major currency pairs.
GBPUSD losing ground
The pound looks to find some support after the dollar trapped prices in a descending channel. With the trading week coming to an end with no major fundamental events on the calendar, prices look to stop the freefall.
- The pair is consolidating towards the 1.3480 area.
- A bullish turnaround would need a close above 1.3500 to validate a push towards 1.3590.
- On the flip side, 1.3400 is the first support with the RSI hitting the neutral zone.
NZDUSD tests resistance
The New Zealand dollar was another casualty of a strong greenback. After the kiwi touched 0.5930, attention turned to the emerging bearish divergence on the RSI.
- 0.5860 is a fresh support with the hope that sentiment could be turning upbeat.
- A successful bounce would need to lift the recent swing high of 0.5930
- 0.5800 is a critical floor to prevent a deep sell-off.
USOIL aiming for $100
USOIL analysis shows WTI gears up for another bounce higher amid heightened global tensions over the Middle East conflict. Economies might look elsewhere for cheap oil as the Strait of Hormuz blockade remains in place.
- A new high at 95.30 met resistance, prompting a slight pullback.
- With another rally expected, 100.00 is the next target, with 102.50 on the horizon.
- Failure to break higher could turn sentiment around, with 88.00 being the first support should the price start to move lower.
