USOIL (crude WTI) looking for direction
USOIL (crude WTI) continues to slide as ongoing global tensions keep the pressure on prices. A drop into the oversold territory for the RSI saw a slight bounce towards 62.00. With the round number of 60.00 acting as a fresh resistance, bulls could bail out even further if prices continue to fall. A move below 60.00 would expose 57.80 once again, potentially extending losses to the recent bottom at 56.00. On the flip side, a close above 62.50 could wipe out the recent losses for crude and send the commodity to the latest spike at 63.80
AUDUSD spiking higher
The Australian dollar inched higher as the fallout from Donald Trump’s tariff war rages on. The selling pressure eased as the greenback failed to stop the pair from falling below the 0.6400 level. A test at the recent high of 0.6480 has prompted more sellers to cover their positions. A close above 0.6500 would send the pair to fresh highs, with the base of the latest momentum at 0.6400 being fresh support.
XAUUSD tests resistance
Gold remains intact after weakness on the dollar saw traders flock back to the metal. On the chart, the price is seeking to break 3360 to drive prices to the psychological level of 3400. On the flip side, a drop below the first support of 3310 will dent the impetus, causing some short-term buyers to take a profit. 3240 at the base of the recent rally is a critical floor and could cause a complete reversal towards 3150 if bears stage a fightback.
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