US Oil under renewed pressure

Jing Ren Orbex

EUR/USD drifts lower

The US dollar stays firm on bets of more interest rate hikes to come amid repeatedly hawkish Fed remarks. Rebounds have been limited so far which means that the bears still have full control of the direction. A slip below the immediate support of 1.0680 has renewed the selling pressure. With the RSI bouncing back into the neutral area, 1.0635 is the latest support to see buyers’ reaction. Stiff selling could be expected by trend-followers around 1.0745 and the bulls must clear this level first to turn the odds in their favour.

USD/CAD breaks support

The Canadian dollar clawed back losses over a strong GDP reading in Q1. Clearing the resistance of 1.3640 from early May has helped the recovery gain traction. After a bit of hesitation, the greenback had seemingly found support over 1.3570 only to see its advance capped by the recent high of 1.3650. A correction would expose 1.3500 next to the 30-day SMA which is a key floor to maintain the upward bias, and its breach may trigger a drop back to the daily demand zone around 1.3300. 1.3580 as a fresh hurdle in case of a bounce.

US Oil under renewed pressure

WTI crude slumps as weak Chinese manufacturing data fuel demand fears. The recent recovery has come to a halt at the 30-day SMA (74.50) and a two-leg sell-off below 72.00 and 70.00 was a sign of liquidation. Now that the bulls’ have thrown in the towel, the oil price could be vulnerable to a bearish continuation. As the RSI sinks into oversold territory, the swing low of 66.00 on the daily chart might be buyers’ last stand and its breach could open the door to 60.00. The psychological level of 70.00 has turned into a fresh resistance.

Author

Jing Ren

Orbex

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.

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