UK 100 grinding higher
The FTSE (UK 100) continued its progess after sinking towards 10500 in the past few sessions.
- A break above the cluster of levels around 10700 triggered some short-term long positions.
- 10750 is the next target, with 10875 the level higher.
- The RSI’s neutral condition could attract some selling interests as the index grinds the key demand zone.
- 10580 is the first support to break if a pull back occurs.
USDJPY hits another high
The US dollar attempts to stop the freefall after the Yen lost momentum.
- A move above 155.00 would force short-term sellers to cover, easing the bearish pressure.
- Bulls will need to show more confidence before they can push above this resistance level.
- A break higher would expose the next level at 156.50.
- 153.20 is the closest support and a key level to keep the recovery momentum intact.
USOIL flying higher
WTI hits a fresh high as tensions in the Middle East grow.
- A series of higher highs signals mounting buying pressure, with opportunites for trend followers to jump in.
- The psychological resistance at 105.00, along with a double-top confirmation could shift sentiment lower.
- 100.00 is the first target as the RSI bounces away from the overbought territory to confirm a bearish divergence.
- 90.00 is a second layer to prevent a deep sell-off.
