IC Markets

2021-07-06 07:56:11 #UKOIL (Intraday perspective: Downside potential below 77.28)
Price pushed higher but approaching key 61.8% Fibonacci extension level. With stochastic testing resistance where price pulled back lower in the past, we see a possibility of a short term bearish scenario where sellers may push price lower with a possible short term target at 76.44. Otherwise, failure to hold below 77.28 will see price push higher towards 78.58. Open / Comment

2021-07-06 07:55:30 #GOLD (Intraday perspective: Bullish pressure to 1,810.00)
Gold inched higher above previous resistance at 1,790.70. We see a medium-probability scenario where prices continue to push up towards resistance at 1,815.40,in-line with 50% Fibonacci retracement and 161.8% Fibonacci extension. RSI is also indicating further bullish momentum before reaching the overbought level. If price drops from current level, it will swing towards support at 1,764.54, in-line with 61.8% and 78.6% Fibonacci extension. Open / Comment

2021-07-06 07:54:45 #DXY (Intraday perspective: Bullish pressure above 92.138)
Prices are facing bullish pressure from horizontal pullback support, 50% Fibonacci retracement and 61.8% Fibonacci extension. Prices might continue to push up towards 161.8% Fibonacci retracement and 78.6% Fibonacci extension Fibonacci confluence zone. If prices push down, prices might take support on horizontal swing low support in line with 127.2% Fibonacci extension and 50% Fibonacci retracement. Ichimoku cloud is also below prices, showing a bullish pressure for prices. Open / Comment

2021-07-06 07:53:41 #Risk sentiment Tuesday is rather mixed. Asian stocks opened steady Tuesday as traders weighed a jump in crude oil amid an OPEC crisis that derailed a deal to boost output. Treasuries dipped as trading resumed after a U.S holiday. OPEC was plunged into a crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase. The Australian Dollar climbed ahead of a RBA meeting and central banks are expected to pare back policy support. Open / Comment

2021-07-05 09:13:56 #UKOIL (Intraday perspective: Upside potential above 75.45)
Price coming back to test ascending trendline support. With technical indicators showing room for further upside, we see a medium probability bullish scenario above 75.82 support towards graphical swing high resistance at 76.71. Otherwise, failure to hold above 75.82, will see price drop lower towards 75.32 support. Open / Comment

2021-07-05 09:13:16 #GOLD (Intraday perspective: Neutral between 1,790-1,760)
Gold prices swing towards our resistance at 1,790.7, in-line with 100% and 127.2% Fibonacci extension. Prices are currently holding between 1,790 resistance and 1,760 support. With technical indicators giving mixed signals and there are no good levels for entry which offers reasonable risk to reward ratio, we prefer to remain neutral for now. Breaking above 1,790 resistance will see the price move higher to 1,804.04 . Breaking below 1,760 support will see the price drop lower to 1,739. Open / Comment

2021-07-05 09:11:52 #DXY (Intraday perspective: Bullish pressure above 92.138)
Prices are facing bullish pressure from horizontal pullback support, 50% Fibonacci retracement and 61.8% Fibonacci extension. Prices might continue to push up towards 161.8% Fibonacci retracement and 78.6% Fibonacci extension Fibonacci confluence zone. If prices push down, prices might take support on horizontal swing low support in line with 127.2% Fibonacci extension and 50% Fibonacci retracement. Ichimoku cloud is also below prices, showing a bullish pressure for prices. Open / Comment

2021-07-05 09:08:34 #Risk sentiment early Monday is rather risk on. Asian stocks were steady early Monday after U.S shares climbed further on speculation the Federal Reserve has scope to continue providing substantial stimulus support. Oil edged lower amid and OPEC+ spat. Treasuries gained and the dollar dipped after the jobs report was seen as supporting the Fed’s accommodative stance. Oil was around $75 a barrel. While the U.S. jobs report eased concerns about the Fed being hawkish, central banks around the world are beginning to pull back from the emergency stimulus they deployed to fight the pandemic. Open / Comment

2021-07-02 09:18:32 #UKOIL (Intraday perspective: Upside potential above 75.45)
Price holding above the ascending trendline and making a push higher. With technical indicators showing room for further upside, we see a possibility there buyers may look to add to their longs above 75.45 support with potential target at 76.62 resistance. Otherwise breaking below 75.45 will see price dropping to next support at 74.60. Open / Comment

2021-07-02 09:17:50 #GOLD (Intraday perspective: Neutral between 1,790-1,760)
Gold price bounced back to intraday highs of 1,782 and is currently holding between 1,790 resistance and 1,760 support. With technical indicators giving mixed signals and there are no good levels for entry which offers reasonable risk to reward ratio, we prefer to remain neutral for now. Breaking above 1,790 resistance will see the price move higher to 1,804.04 . Breaking below 1,760 support will see the price drop lower to 1,739. Open / Comment