USOIL struggles for support
WTI fell further as persistence concerns over demand persisted. As the daily RSI fell into the oversold area, bears will need to take a breather after they cleared the August low of 71.45. A drop below the psychological level of 70.00 has put 69.30 as the last layer of defence before a deeper correction. 70.00 is a fresh resistance to clear before an Oil recovery can take place, with 70.85 on the horizon.
NZDUSD hits resistance
The New Zealand dollar moved away from its recent peak as the sell-off continued. On the chart, the pair has slipped below the round number of 0.6200, putting immense pressure on those who previously jumped on the rally. Only a clear cut above 0.6250 would improve the market mood, especially with a long-term bullish divergence on the RSI coming into play. Otherwise, a new round of selling could send the kiwi to 0.6060, then 0.5900.
GBPUSD bounces back
Cable also saw a pullback as the dollar eyes a swift turnaround. The pair is hovering above 1.3100 as trend followers look to maintain the pound’s upward trajectory in the medium term. The recent spike at 1.3160 is a significant obstacle after tough resistance overhead. A bullish move would prompt sellers to cover their bets and put Sterling on a steady rebound towards 1.3250. On the downside, a fall below the immediate support of 1.3080 would expose the critical floor at 1.2900.
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