By Orbex
EURUSD Pulls Back After Briefly Rising Above 1.2000
The euro currency posted a fresh high as prices briefly rose above 1.2000 handle. However, just as quickly, the euro pulled back off this level.
Price action is supported to the upside as it tests the 1.1950 level. This marks the previous highs from 18, 19 August.
As long as this level holds, a reversal could see the euro firming up above 1.2000.
Alternately, if the euro loses the 1.1950 handle, then we could expect to see a move lower.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Still, price action will be supported near the lower support area around 1.1800.
GBPUSD Rises To A New One-Year High
The British pound sterling got a boost from a weaker US dollar as price briefly traded at a new one-year high of 1.3401.
Price action is pulling back lower following this new milestone.
The upside bias remains in place as long as the support level near 1.3300 holds up. But a close below this level could accelerate declines lower.
The next lower support will be near the 1.3122 level.
We could see another leg to the upside if the support level near 1.3300 holds and prices can rebound.
WTI Crude Oil Struggles To Clear 43.50
Oil prices are trading modestly higher but price action still remains below the 43.50 technical resistance.
The downside is also supported as the consolidation in the commodity continues with a slightly bullish bias.
The support level near 42.00 is yet to be tested. The current ranging price action is forming a narrow range between 43.50 and 42.50 regions.
A breakout from either of these levels could see a near term momentum established.
The positioning in the Stochastics oscillator suggests that price action could possibly move lower.
The dynamic support off the trend line should hold for the moment.
Gold Attempts To Establish Support At 1987
The precious metal made modest gains on Tuesday as prices fell back to the support area near 1987.
As long as this support holds, we could see price action attempting to push higher.
However, note that the lower high could indicate a possible move to the downside. This will make the 1987 support level even more critical.
Below the support, gold prices could start to move lower if they close below the previous swing lows of 1912.
To the upside, price action will need to clear the 2024 level in order to resume the bullish trend.
By Orbex
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024
- COT Bonds Charts: Speculator Weekly Changes led by 5-Year & 10-Year Bonds Apr 28, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & Russell-Mini Apr 28, 2024
- COT Soft Commodities Charts: Speculator Bets led by Corn & Soybean Meal Apr 28, 2024
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024