Intraday Analysis – WTI seeks support

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085005/Intraday-43.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="WTI seeks support" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085005/Intraday-43.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085005/Intraday-43-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD tries to rebound</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085500/AUDUSD-CHART-9.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-210373 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085500/AUDUSD-CHART-9.png" alt="AUDUSD -CHART-31-10" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085500/AUDUSD-CHART-9.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085500/AUDUSD-CHART-9-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085500/AUDUSD-CHART-9-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085500/AUDUSD-CHART-9-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Australian dollar inched higher after September’s retail sales shot above expectations. The pair is still grinding its 12-month low of 0.6270 as the medium-term bulls try to avoid a deeper correction. Its breach would open the door to 0.6180 and potentially the psychological level of 0.6000. The swing high of 0.6400 is an important hurdle to clear to alleviate the pressure with 0.6330 as a close support. Only a close above the daily resistance of 0.6440 would confirm that the bulls have regained control and a reversal is under way.</p>
<h2>USOIL tests demand zone</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085533/USOIL-CHART-6.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-210374 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085533/USOIL-CHART-6.png" alt="USOIL-CHART-31-10" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085533/USOIL-CHART-6.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085533/USOIL-CHART-6-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085533/USOIL-CHART-6-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085533/USOIL-CHART-6-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>WTI crude slides as the war in Gaza seems to cause little disruption to supply for now. On the daily chart, the commodity is in a triangle-shaped consolidation after reaching a fresh 10-month high. The psychological level of 90.00 seems to be where tough resistance lies, suggesting that there could be more range bound trading opportunities. 81.50 is a key demand zone to keep the latest rebound valid as its breach would trigger a new round of sell-off towards 78.00. On the upside, 86.00 is the first resistance to lift.</p>
<h2>US 30 still under pressure</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085600/US-30-CHART-5.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-210375 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085600/US-30-CHART-5.png" alt="US-30-CHART-31-10" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085600/US-30-CHART-5.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085600/US-30-CHART-5-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085600/US-30-CHART-5-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/31085600/US-30-CHART-5-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dow Jones 30 bounces back as investors reposition ahead of the Fed meeting. The index is under renewed pressure after its fall below the daily support of 32900. The bounce is likely to meet strong resistance around 33250 with the bears looking to sell into strength. Only a break above 33800 would help the bulls secure a foothold again. The round number at 32000 is the next stop to see if buyers would make their way back. Failing that, last March’s low at 31500 is a critical floor to prevent further liquidation.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/10/intraday-analysis-wti-seeks-support">Intraday Analysis – WTI seeks support</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>