Intraday Analysis – WTI breaks support

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075026/Intraday-48.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday Analysis – WTI breaks support" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075026/Intraday-48.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075026/Intraday-48-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h1>AUDUSD probes support</h1>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075721/AUDUSD-CHART-8-11-2023-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-210839" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075721/AUDUSD-CHART-8-11-2023-1.png" alt="AUDUSD-CHART-8-11-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075721/AUDUSD-CHART-8-11-2023-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075721/AUDUSD-CHART-8-11-2023-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075721/AUDUSD-CHART-8-11-2023-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075721/AUDUSD-CHART-8-11-2023-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Australian dollar pulls back as the RBA’s guidance suggests no further tightening will be needed. After hitting a two-month high at 0.6520 the price is seeking to consolidate its gains. But a fall below the closest support of 0.6410 indicates profit-taking by intraday buyers, denting the near-term mood. As the RSI drops into oversold territory, 0.6355 at the base of the latest bullish breakout is a key level to maintain the rebound momentum. 0.6460 is the first resistance should the buy side start to make their way back.</p>
<h1>USOIL tests major support</h1>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075821/USOIL-CHART-8-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-210840" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075821/USOIL-CHART-8-11-2023.png" alt="USOIL-CHART-8-11-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075821/USOIL-CHART-8-11-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075821/USOIL-CHART-8-11-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075821/USOIL-CHART-8-11-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075821/USOIL-CHART-8-11-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>WTI crude plunged as China’s shrinking exports in October raised concerns about its economic outlook. After the commodity sank below 81.60, the latest rebound attempts have struggled to gain traction with 83.40 firmly established as a major resistance. A subsequent drop below August’s bottom at 77.70 shows a lack of commitment from buyers and could open the door to prolonged weakness with 75.00 as the next stop. On the upside, 81.00 is the immediate resistance to clear to alleviate the bearish pressure.</p>
<h1>UK 100 attempts to bounce</h1>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075851/UK-100-CHART-8-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-210841" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075851/UK-100-CHART-8-11-2023.png" alt="UK-100-CHART-8-11-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075851/UK-100-CHART-8-11-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075851/UK-100-CHART-8-11-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075851/UK-100-CHART-8-11-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/08075851/UK-100-CHART-8-11-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The FTSE 100 treads water as commodity prices soften amid weak Chinese trade data. The index has met stiff selling pressure in the former demand zone 7450-7500 which coincides with the 20-day SMA and is striving to hold onto its latest gains. 7370 is the closest support to keep the momentum intact or the critical floor at 7260 would be exposed once again. A close above 7500 would force short-term sellers to cover and lay the foundation for a recovery to the recent peak of 7680, raising the odds of a bullish continuation.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/11/intraday-analysis-wti-breaks-support">Intraday Analysis – WTI breaks support</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>