WTI retreats further, breaches $49.00

Pablo Piovano FXStreet

Crude oil prices are posting losses for the second straight session so far, with the American benchmark for the sweet light crude oil around $49.00 per barrel.

WTI weaker ahead of Yellen, Baker Hughes

The barrel of WTI is easing further ground following yesterday’s YTD tops above the critical $50.00 mark, levels last seen back in October.

The re-emergence of the buying interest around the dollar, concerns over the supply glut plus some profit taking sentiment is hurting prices for the black gold, which are currently testing 2-day lows in the $49.00/$48.90 band.

Later in the NA session, Chair J.Yellen is due to speak ahead of the US oil rig count published by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is retreating 1.87% at $48.85 with the initial support at $46.67 (20-day sma) followed by $42.50 (low Apr.26) and then $40.03 (200-day sma). On the other hand, a breakout of $50.21 (2016 high May 26) would open the door to $50.92 (high Oct.9 2015) and finally $53.85 (high Jul.10 2015).

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 rises to 1.1800 neighborhood amid renewed USD selling and trade uncertainties

The EUR/USD pair regains positive traction during the Asian session on Wednesday and jumps to the 1.1800 neighborhood in the last hour, reversing the previous day's modest losses. The intraday move up is sponsored by the emergence of fresh US Dollar, which continues to be weighed down by persistent trade-related uncertainties.

GBP/USD remains stronger above 1.3500 following Trump’s State of the Union

GBP/USD remains in the positive territory for the fourth successive session, trading around 1.3510 during the Asian hours on Wednesday. The pair appreciates as the US Dollar remains subdued following US President Donald Trump’s first State of the Union address of his second administration before a joint session of Congress.

Gold re-attempts $5,200 amid tariffs and geopolitical woes

Gold buyers are back in the game early Wednesday after seeing a correction from monthly highs on Tuesday. The US Dollar slips after Trump’s SOTU fails to impress and as AI-driven worries ease. Dovish Fed bets also weigh. Gold looks north so long as the key 61.8% Fibo resistance at $5,142 holds on the daily chart.

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week. BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.