(UK 100) The FTSE in recovery
(UK 100) The FTSE inched higher as traders digested the recent UK Autumn budget announcement. A move above the daily resistance of 9650 invalidated the reversal attempt, putting sellers on the defensive. The price is looking to recapture the monthly high at 9920, as 9800 is the immediate resistance; only a break above 9720 would improve the market mood. On the downside, a fall below 9600 would trigger a new round of selling.
USDCAD feeling the pressure
The Canadian dollar continues to fight back against its neighbour as price action marches lower. The pair has capitalised on a failure to move above 1.4120, and a close below 1.4050 indicates that bears remain in control. As the RSI ventures towards the neutral area, limited profit-taking could send the pair lower to its fresh support at 1.4000. Failing that, then another test towards 1.4120 could be in sight.
USOIL breaking free
WTI bounced away from its multi-week low to take a step closer to the psychological 60.00 level. While sentiment remains upbeat in the medium term, the previous support-turned-resistance at 59.50 has proved a tough level to crack, prolonging the rebound. 57.20 at the bottom of the recent rally is an important floor to maintain, as a breakout could trigger a sell-off towards 56.00.
Trading the forex market requires extensive research, and that’s what we do best.
The post Intraday Analysis 01.12.2025 appeared first on Orbex Forex Trading Blog.