Dow US 30 tests resistance
The Dow US 30 aims for another record high after witnessing a brief pullback. A previous drop below 42000 has shaken out some weak hands, and the bulls are still in the market. 42300 is a crucial resistance to lift to help them regain the upper hand and progress further. On the downside, 41800 is the closest support, and the daily support of 41450 is a critical floor to keep the index afloat.
GBPUSD drifts lower
The pound softened after hitting resistance at the recent top above the 1.3400 level. The pair drifted lower, which could suggest wariness among the bulls. The recent bounce at the firm support of 1.3300 is a crucial level to keep cable afloat from the medium-term perspective, as its breach could cause a bearish reversal below 1.3150. The buy-side will need to clear 1.3450 before they can hope for a continuous recovery.
USOIL keeps the pressure on
Oil fell further as global demand weakened as we entered the final quarter of the year. Despite an oversold RSI on the chart, WTI has kept its downward bias after a brief consolidation at 68.00. The psychological level of 70.00 is the hope for more buying interest. A combination of fresh selling and profit-taking could test the bull’s resolve. 67.00 is the first support in case the bearish rally continues, whilst 68.30 is a significant level to turn price action around.
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The post Intraday Analysis 30.09.2024 appeared first on Orbex Forex Trading Blog.
