By Orbex
USDJPY bounces off triple bottom
The US dollar recovered after the Fed signaled an interest rate hike next year.
The fall below 109.60 had made buyers cautious in an extended consolidation with the market marred by indecision as the pair swung between 109.10 and 110.40. A triple bottom at 109.10 is a sign of strong buying interest when the RSI showed an oversold situation.
The bulls need to push above the psychological level of 110.00 to trigger a rally. Otherwise, a break below 109.10 may force them to bail out and send the pair to 108.70.
XAUUSD meets tough resistance
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Gold tumbles as the US dollar’s rally gains traction. The precious metal has met solid bids in the demand zone around 1742.
A bullish RSI divergence has indicated that selling pressure may have waned. A close above the immediate resistance at 1767 has attracted some buying interests, though an overbought RSI has checked the upward impetus.
1796 from the previous consolidation remains a key hurdle. Its breach would open the door to the daily resistance at 1830. On the downside 1760 is fresh support.
USOIL to test major resistance
WTI crude holds onto its gains after a larger-than-expected decrease in US inventories. The price had met stiff selling pressure at 73.00 where the August sell-off started.
A bullish RSI divergence in the demand zone of 69.50 indicates a loss of momentum in the retracement. A rebound above 71.30 is a confirmation that buyers are still in the game and a bullish MA cross may suggest an acceleration in the rally.
A break above 73.00 would lead to the next daily resistance at 74.00. 70.60 is the first support in case of a pullback.
Article by Orbex
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