NZDUSD tests support
The NZD (Kiwi) is another currency that is feeling the wrath of the greenback. A series of lower lows indicates stiff selling pressure overhead. Successive breaks below 0.6160 then 0.6000 shows a lack of follow-through bids, putting the latest buyers on the defensive. A drop below 0.5900 could extend losses to last July’s low of 0.5850. On the upside, bears would hope for a rebound towards 0.6000 as the RSI grinds the oversold area.
USDCHF driving higher
The US dollar continues its dominance over the franc as price action moves higher. A close above 0.8660 was an indication of a persistently upbeat mood as buyers doubled down on the greenback. Past 0.8750, near August’s high could be next as the RSI’s overbought condition might lead to a pullback to let the bulls catch their breath. The recent swing low of 0.8630 makes a key level to maintain the upward momentum.
USOIL struggles to cover the gap
WTI plunged as global tensions eased over the weekend. The price is looking to cover the recent gap by driving towards 72.00. A fall below the previous low of 60.50 foreshadowed further weakness to come as short-term buyers closed their positions. An acceleration below 67.00 could prompt more buyers to close out with 65.70 as the next level to see if support would emerge. As the RSI sank again, 70.00 is the first resistance to clear in the hope to fill the weekend gap.
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