Crude Oil Futures: Rally could take a breather

Pablo Piovano FXStreet

CME Group’s flash prints for crude oil futures markets noted open interest and volume shrunk by around 6.6K contracts and by nearly 554.5K contracts, respectively, on Wednesday.

WTI moves past $62.00, new YTD highs

Prices of the WTI briefly surpassed the $62.00 mark during early trade, levels last seen in January 2020. However, shrinking open interest and volume coupled with persistent overbought conditions could spark a correction lower in the very near-term. The rally faces the next resistance of note at the 2020 highs around $65.60 (January 8).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.