US500
Let's start today's analysis with the US500 chart. Looking at the daily time frame, we can see that the index is struggling to break above key resistance at 4175 pts, which coincides with 23.6% Fibonacci retracement of the upward wave launched in March 2020 and upper limit of the 1:1 structure. Also medium-term 50-day SMA (green line) crossed above the long-term 200-day SMA (red line). This formed a bullish ‘golden cross’ formation, which can at times precede a move higher. Nevertheless as long as price sits below the aforementioned resistance, another downward wave may be launched towards crucial support at 4000 pts. However if bulls manage to uphold recent momentum, then upward move may accelerate towards highs from August 2022 around 4335 pts.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
US500, D1 interval. Source: xStation5
EURGBP
Taking a look at EURGBP chart at H4 interval, we can see that the pair retreated sharply from the 0.8980 swing area that was tested a few times in the 2019-2020 period and marks a local high from late-September 2022. Pair is currently testing crucial support at 0.8875, which is marked with 23.6% Fibonacci retracement of the upward move launched at the beginning of December 2022. Should break lower occur, downward move may deepen towards next support at 0.8815, which is marked with lower limit of the 1:1 structure and 38.2% retracement.
EURGBP, H4 interval. Source: xStation5
OIL.WTI
Finally let's take a look at OIL.WTI. On the H4 interval, we can see that price broke above the upper limit of a downward channel and experienced a quite quick rally. WTI crude futures tested a major resistance zone around $77.80 - 78.45 area, which coincides with 200 SMA (red line) but has failed to break above. Given failure of the first test and fading bullish momentum a pull back towards support at $76.15, which coincides with 78.6% Fibonacci retracement of the upward wave started in December 2021. On the other hand, if buyers manage to regain control and break above the aforementioned resistance zone, the upward move may accelerate towards the $81.00 mark.
OIL.WTI, H4 interval. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
