A fresh buying impetus emerged in the late NY session on Wednesday. Buyers retook 1.1650 first and finally broke 1.1700 afterwards. The buying interest lasted the whole night. The euro managed to test 1.1750 in the late Asian session. The EUR/USD pair failed to retake the level and bounced to 1.1700 afterwards. The resistance resides at 1.1750, the support comes in at 1.1700.
A move above 1.1700 revived bullishness towards 1.1800. However, the spot is overbought and requires some correction. Sellers may lower the price to 1.1650.
The broad based US Dollar retracement helped the pound to regain some traction. The price bounced from 1.3000 and jumped to 1.3100. Buyers broke the level in the mid-Asian session and stopped after reaching 1.3150. The resistance lies at 1.3200, the support comes in at 1.3100.
If bulls retain control the pair might resume its upward trajectory towards 1.3200.
The US dollar sharply dropped when the market changed its sentiment. Sellers broke 112.00 and tested 111.00 in the late NY session. Bears failed to move lower and had to retreat. The price bounced from the level on Thursday. The resistance lies at 112.00, the support comes in at 111.00.
Wednesday’s decline put on hold bulls' plans. The spot turned to the downside and threatens 111.00 now.
Buyers regained control and drove the pair upwards. They broke 1250 and tested 1260. The resistance exists at 1270, the support stands at 1260 dollars per ounce.
A move above 1260 would maintain bullishness towards 1270.
Market’s positive mood persisted and Brent managed to break above 50.50. Buyers drove the price to 51.00 where they lost momentum. The resistance lies at 51.50, the support lies in at 50.50 dollars per barrel.
We still hold the view that oil prices will struggle to climb north towards 51.50-52.00 dollars per barrel.
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