USOIL bounces from multi-month low
WTI price keeps the comeback going after bouncing from multi-month lows. On the chart, a new high above 71.00 has put the commodity back on track and could lead to a broader recovery, with the psychological level of 75.00 as the next target. In the near term, another venture with the RSI in the overbought area could cause a pullback with 69.20 as the first support.
AUDUSD turns north
The Australian dollar continued to rally after spiking towards the 0.6900 level. However, this has been seen as a false spike by some traders, who have begun a slight sell-off as price action now trades at the lower 0.6800 region. A clean cut below 0.6800 would force early buyers to bail out and could signal a new round of sell-offs. The RSI’s overbought condition can add to the profit-taking, but a hold above 0.6850 could send the pair heading to another fresh high, with 0.6880 the first resistance to clear.
GBPUSD breaks higher
Cable progresses over the greenback with a 300 pip jump over the past two weeks. A move above the recent top at 1.3300 indicated that bulls mean business. 1.3380 is the next level to see if buyers would reemerge after the RSI sinks into neutral territory. The support of 1.3250 is the first hurdle for a turnaround, as was the previous downturn, and the mood could sour further if Sterling breaks 1.3200.
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