GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
WTI oil may push higher
BUY 58.40; TP 59.60; SL 58.00
It looks like there’s a nice trade setup in WTI oil. The price rebounded from the 100-day MA in the 54.50 area last week and managed to push and close above 58.00 yesterday. Currently, the commodity is testing the 100-week MA at 58.35. A break of this level will open the way up to 59.60 (channel’s resistance, 50% Fibo of the 2018 decline). The longer-term picture is positive and the 50-day MA is about to rise above the 100-day one, so the buy trade has its solid logical foundations.
Notice that if you want to trade WTI, choose WTI-19J or WTI-19K in your MetaTrader (File - CFD Futures).
AUD/JPY has reached the support line connecting August and October lows in the 73.30 area. What's next?
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
The USD started the day dropping against the Canadian dollar, now on a bullish reversal.