Intraday Analysis – WTI continues to recover

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06085635/Intraday-AUDUSDGBPUSDUSOIL.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06085635/Intraday-AUDUSDGBPUSDUSOIL.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06085635/Intraday-AUDUSDGBPUSDUSOIL-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD turns south<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094603/AUDUSD-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207610" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094603/AUDUSD-1.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094603/AUDUSD-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094603/AUDUSD-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094603/AUDUSD-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094603/AUDUSD-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
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<p>The Australian dollar fell on speculation that the tightening may be over after the RBA left rates unchanged. Two consecutive attempts at 0.6520 on the 30-day SMA have failed to lift the Aussie, suggesting a lingering selling pressure. Then a clean cut below 0.6400 forced early buyers to bail out and could signal a new round of sell-off in the making. The RSI’s oversold condition caused some profit-taking but past 0.6370 the pair is heading to last November’s low of 0.6280. On the upside, 0.6450 would be the first resistance to clear.</p>
<h2>GBPUSD breaks lower<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094611/GBPUSD-chart-.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207611" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094611/GBPUSD-chart-.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094611/GBPUSD-chart-.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094611/GBPUSD-chart–300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094611/GBPUSD-chart–1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094611/GBPUSD-chart–768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>Cable tumbled after August’s PMI stayed in contractionary territory. A drop below the recent bottom of 1.2550 indicates that the bears mean business after a faded rebound to the 30-day SMA at 1.2740. The round number of 1.2500 coincides with the origin of a breakout rally back in mid-July and is the next level to see if buyers would reemerge after the RSI sank into oversold territory again. The support-turned-resistance of 1.2600 is the first hurdle and the mood may only improve if Sterling manages to reclaim 1.2700.</p>
<h2>USOIL nears 10-month high<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094946/USOIL-chart-.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-207612 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094946/USOIL-chart-.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094946/USOIL-chart-.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094946/USOIL-chart–300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094946/USOIL-chart–1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/06094946/USOIL-chart–768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>WTI crude soared as Saudi Arabia and Russia extended their supply cuts to the end of the year. On the daily chart, a new high above 84.80 has put the commodity back on track and may lead to a broader recovery with the psychological level of 90.00 as the next target. In the near-term, another venture of the RSI’s in the overbought area may cause a pullback which could be seen by the bulls as an opportunity with 85.00 as the first support. 82.00 sits on the 20-day SMA, making it an important level to gauge the bulls’ commitment.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/09/intraday-analysis-wti-continues-to-recover">Intraday Analysis – WTI continues to recover</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>