Originally published by AxiTrader
WTI had a strong rally in the past few weeks, but has started to show first signs of weakness. There is negative RSI divergence on the H4 chart, and WTI has been struggling to gain momentum after the breakout above $63. While the uptrend clearly remains intact, it is likely we will see a minor correction before this continues. Traders should keep an eye on the $62.50 support level - a significant one.
AUD/USD is consolidating around the 0.80 level, but a clear breakout seems only like a matter of time. A daily close above the level would pave the way for a rally to at least 0.8150. Given the weak outlook for the US dollar in general, this target could very well be reached in the near-term. To the downside, expect decent support at 0.7940, followed by 0.7890.
Meanwhile, USD/JPY is looking weak. The currency pair failed ahead of the 200 DMA resistance and broke back below 111 support. USD/JPY is very likely to test major support at 110.20 soon. A clear break below 110 would signal that further losses are ahead - with the next big level then located at 108.
