Intraday Analysis – WTI tries to bounce

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26081759/Intraday-38.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="WTI tries to bounce" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26081759/Intraday-38.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26081759/Intraday-38-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCAD breaks higher</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082337/USDCAD-CHART-5.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-210178 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082337/USDCAD-CHART-5.png" alt="USDCAD CHART 26-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082337/USDCAD-CHART-5.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082337/USDCAD-CHART-5-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082337/USDCAD-CHART-5-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082337/USDCAD-CHART-5-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p><span>The Canadian dollar weakened after the BoC left its interest rates unchanged. The pair has capitalised on its bounce off the 20-day SMA (1.3580) and a close above 1.3780 indicates that the bulls have made their way back. Last March’s high of </span><b>1.3860</b><span> could be the short side’s last line of defence and its breach may end the year-long sideways action and resume the greenback’s climb in the weeks to come. As the RSI ventures into the overbought area, limited profit-taking could send the quote lower to its fresh support at </span><b>1.3720</b><span>.</span></p>
<h2>USOIL tests support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082409/USOIL-CHART-4.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-210179 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082409/USOIL-CHART-4.png" alt="USOIL CHART 26-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082409/USOIL-CHART-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082409/USOIL-CHART-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082409/USOIL-CHART-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082409/USOIL-CHART-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p><span>WTI crude jumped back on heightened geopolitical risk in the Middle East. On the daily chart, the price is consolidating its gains after achieving a fresh 12-month high. While sentiment remains upbeat in the medium-term, the previous support-turned-resistance of 89.80 has proved to be a tough level to crack for now, prolonging the correction. </span><b>82.30</b><span> at the bottom of the recent rally is an important floor to maintain the momentum as a breakout may trigger a sell-off to 80.00. </span><b>86.20</b><span> is the hurdle to clear to ease the pressure.</span></p>
<h2>UK 100 attempts to rebound</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082431/UK-100-CHART-5.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-210180 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082431/UK-100-CHART-5.png" alt="UK 100 CHART 26-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082431/UK-100-CHART-5.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082431/UK-100-CHART-5-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082431/UK-100-CHART-5-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/26082431/UK-100-CHART-5-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p><span>The commodity-heavy FTSE 100 inched higher on news of China’s fresh stimulus measures. A drop below the daily support of 7400 has invalidated the rebound attempt from early September, putting the buy side on the defensive. The price crawling up is a sign of profit-taking by short-term sellers. </span><b>7480 </b><span>is the immediate resistance where the bears could be expected to fade the bounce. Only a break above 7630 would improve the market mood. On the downside, a fall below </span><b>7330 </b><span>would lead to a new round of sell-off.</span></p>
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