USOIL (Crude OiL WTI) hitting fresh highs
Crude OiL WTI hits another fresh high as economists expect a test at the $100 in the next few months. As a show of resilience, the price has managed to stay above the psychological floor of 80.00. A close above the first resistance of 80.80 has eased the downward pressure but bulls will need to lift the recent peak of 81.00 before they could end the lengthy consolidation and push for a broader recovery. On the downside, the psychological level of 80.00 is the first support to keep the current momentum intact.
GBPUSD breaks another support
Cable struggled as the BoE held their interest rate but did signal at their next meeting that they would make changes to their policy. Not even a lift in retail sales could prevent the pound from slipping towards the 1.2600 level, which has become the latest support. With the RSI majorly oversold, a brief bounce to the upside could ensue. 1.2680 is the first hurdle before 1.2760 can take the pair back to the recent swing high at 1.2850. A continued sell-off sees a confirmation break at 1.2600 and lower.
USDCAD breaks lower
The Canadian dollar advanced as prices moved away from the 1.3800 area. The pair remains under pressure after it broke below this month’s low of 1.3650. A bearish MA cross is likely to attract more selling interests in the near-term as previous buyers look to switch sides. 1.3720 is the first resistance to expect sellers to close positions. A fall below 1.3640 would extend the sell-off towards 1.3580.
