Started by PocketOption, Feb 04, 2023, 11:22 am
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The US dollar plunged after the Fed's 25 bp hike raised hopes that the peak rate is getting closer. On the daily chart, the euro has bounced off the 20-day SMA (1.0800) as it sought to preserve its gains above last May's high of 1.0780. A sharp break above 1.0910 has attracted momentum buyers, sending the pair towards 1.1100 which sits in the supply zone from the April sell-off. As the RSI ventures into the overbought area, more buyers may see a pullback as an opportunity to tag along with 1.0900 as a fresh support.
Gold surges as the US dollar tumbles across the board post-FOMC. On the daily chart, the precious metal is still grinding the demand-turned-supply zone 1950-1995. After a drop below 1915, a tentative breakout has been contained at 1902 along the 20-day SMA. A subsequent rally above 1935 and 1949 indicates that the bulls are still in control. The bullish continuation would pave the way for a climb to April's peak of 1995, with 1970 as an intermediate resistance. An overbought RSI may cause a temporary pullback towards 1925.
WTI crude slipped after a larger-than-expected rise in US stockpiles. A dip below the previous swing low at 78.00 has shaken out some weaker hands. A limited bounce came to a halt at 79.60 and a drop below 76.50 is a sign of renewed downward pressure. 75.50 is the next step to see if buyers would step in. Failing that, the round number at 73.00 would be in the bears' crosshairs. The RSI's another dip into oversold territory may lead to some bargain hunting and profit-taking but stiff selling pressure could be expected at rebounds.
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