IC Markets

2021-06-25 09:07:12 #UKOIL (Intraday perspective: Downside potential below 75.66)
Price broke below ascending trendline support (now resistance). Price is also approaching the key resistance zone where we also see Fibonacci confluence. As such we see a low probability bearish scenario where price is currently facing bearish pressure below 75.66 resistance. With possible downside target at 74.50. Otherwise, failure to hold below 75.66 will see price push higher towards 76.21. Open / Comment

2021-06-25 09:06:37 #GOLD (Intraday perspective: Downside potential below 1,790.00)
Gold prices are consolidating sideways at about 1,775.00. We could potentially see the price swing toward our first resistance at 1,790.67, in-line with 78.6% Fibonacci extension and descending trendline and horizontal overlap resistance. RSI is also on an uptick, supporting our short-term bullish outlook. The next level of resistance will be at 1,804.04, in-line with our 38.2% Fibonacci retracement and 161.8% Fibonacci extension. If price is unable to hold the current level, the first support will be at 1,754.00, in-line with our 78.6% and 100% Fibonacci extension. Open / Comment

2021-06-25 09:04:34 #DXY (Intraday perspective: Bullish pressure above 91.436)
Prices are facing bullish pressure from horizontal pullback support, 50% Fibonacci retracement and 127.2% Fibonacci extension. Prices might push up towards horizontal pullback resistance in line with 78.6% Fibonacci extension and -27.2% Fibonacci retracement. If prices push down further, prices might take support from horizontal pullback support in line with 78.6% Fibonacci retracement. EMA is also below prices, showing a bullish pressure for prices. Open / Comment

2021-06-25 09:03:09 #Risk sentiment ending the week on Friday is rather risk on. Asian stocks opened in the green Friday after US shares hit record on a bipartisan $579 billion U.S infrastructure deal that stoked economic optimism. Dollar held a retreat. 10-year US Treasury Yield was little changed after climbing over the week. Risks such as faster inflation, the prospect of tighter monetary policy and more infectious coronavirus variants have yet to sap sentiment materially. Open / Comment

2021-06-24 09:09:23 #UKOIL (Intraday perspective: Upside potential above 75.17)
Price holding within ascending channel and coming close to channel support. As long as price is holding above 75.17 support, we see a slight bullish pressure that could possibly push price higher towards recent swing high resistance at 76.00. Otherwise, failure to hold above 75.17, will see price break out of channel to the downside and drop towards next support at 74.30. Open / Comment