WTI technical analysis: Under pressure in Asia with a spike to a fresh daily low

The bears are in control while below the 21-DMA and target a break to below the 50 handle.
The 21-DMA is the first hurdle for the bulls which is located a touch below 55 the figure.

Ross J Burland FXStreet

West Texas Intermediate crude has been under pressure in Asia and spiked to a fresh daily low following the trade talks headlines which sparked off a risk-off session.

Overnight, on a spot basis, WTI was up some 0.20% into the close on Wall Street, having climbed from a low of $52.28 only to be rejected at the $53.73 highs and painting a bearish pin bar on the daily charts again.

In Asia, so far, the price dropped to a low of $51.39 but was quickly bought up again by the bulls to the current $52.50s. The 21-DMA is the first hurdle for the bulls which is located a touch below $55 the figure. The $50 and 200-DMAs are surrounding the 56 handle while a 50% Fibonacci retracement of the 16th Sep to 3rd Oct lows comes into play in the $57 handle.

However, the bears are in control while below the 21-DMA and target a break to below the $50 handle which then opens the Nov 2018 lows at $49.39. Thereafter, bars can look towards $46.90 level ahead of the18th Dec lows down at $45.77 ahead of the Dec double bottom lows below $42.50.

WTI daily chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD clings to humble gains around 1.1780

EUR/USD manages to reverse Tuesday’s pullback, sticking to daily gains around 1.1780 following an earlier bull run past 1.1800 the figure. The pair’s slight advance comes on the back of the equally marginal uptick in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House.

GBP/USD flirts with weekly tops north of 1.3500

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a marginal advance in the Greenback and a generalised improved mood in the risk-associated universe. Meanwhile, the US tariff narrative continues to dictate the mood among market participants.

Gold rises toward $5,200, supported by geopolitics and trade jitters

Gold buyers are back in the game, eyeing $5,200 and beyonf on 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.

Nvidia remains at the heart of the AI boom

Nvidia remains at the heart of the AI boom, with Q4 revenue projected near $65.6–66.1 billion, nearly 70% higher year-over-year. But investors are watching cash flow, leverage, and broader AI adoption. Growth is strong, but the AI stress isn’t over.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.