EURUSD under renewed pressure
The pair plunged after a progressive NFP raised hopes that the Fed could begin rate cutting sooner rather than later. The euro gave up recent gains on the chart as price action fell away from the 1.09 level. A sharp break below 1.0850 has attracted momentum sellers, sending the pair towards 1.08, which sits in the supply zone from the December sell-off. As the RSI ventures into the oversold area, more buyers could see a pullback as an opportunity to tag along with 1.0780 as fresh support.
XAUUSD fails at triple top
Gold fell dramatically as the dollar continued to go from strength to strength post NFP. The precious metal stopped testing the recent triple top, which sits just above 2060. After a drop below 2040, a tentative bear rally has been contained along the 20-day SMA. Any signs of a retracement first needs to hold 2030 before buyers re-enter the market. The bearish continuation would pave the way for a drop towards the psychological hurdle of 2000, with 2015 as an intermediate support.
USOIL edges lower
WTI crude continues to slide after constrained economic activity due to central banks restricting interest rates. A dip below the previous swing low at 74.00 has shaken out some weaker hands. A limited resurgence came to a halt at 73.15, and a drop below 72.50 is a sign of renewed downward pressure. 71.80 is the next step to see if buyers will step in. Failing that, the round number at 71.00 would be in the bears’ crosshairs. The RSI’s another dip into oversold territory could lead to bargain hunting and profit-taking.
Test your forex trading strategy with Orbex
