USOIL (WTIcrude) breaking higher
USOIL (WTIcrude) continued its surge higher as Middle Eastern tensions continued to rise. The recent spike to the upside saw over $4 being added to the value of the black gold as price action tested the 78.00 level. With the whipsaw effect on the chart, prices quickly receded to hover around 73.00. As the RSI moves into overbought territory, traders are sceptical that a correction could be on the horizon. The psychological level of 70.00 has turned into fresh support, with 68.40 being the next target.
EURUSD remains bullish
The Euro looks to consolidate gains after the past few months, which have seen a continuous bull run. Rebounds have been limited so far, which means that buyers have more control. The brief downturn has seen a slip below the immediate support of 1.1550, which could renew some selling pressure. With the RSI bouncing back into the neutral area, 1.1630 is the latest resistance to see traders’ reactions. Bulls must clear this level first to see a more aggressive run towards 1.1700.
USDCAD sinks lower
The American dollar continued to slide against its neighbour as the sell-off continued. Clearing the support of 1.3700 from the previous swing high has helped the bearish run gain traction. However, with a long-term bullish divergence still in play on the RSI, a move higher would expose 1.3650, which is a key resistance to switching to the upward bias. Its breach could trigger another test at 1.3700 and potentially give traders a run towards 1.3850.
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