Brent crude oil rose in its last trading on the intraday levels, attempting to recover some of its previous losses, attempting to offload its clear oversold conditions on the relative strength indicators, especially with the emergence of positive overlapping signals, to retest a main bullish trend line – that was broken by its sharp decline yesterday- accompanied by reaching EMA50’s resistance, which intensifies the surrounding negative pressure.

The USDCHF pair rose during recent intraday trading after finding support at a short-term ascending trendline, which provided positive momentum. This was reinforced by the emergence of a bullish crossover on the relative strength indicators, following its movement into heavily oversold areas. The pair is attempting to recover fully by overcoming the negative pressure from EMA50.

Accordingly, our expectations lean toward a rise in USDCHF in upcoming intraday trading, if the support level at 0.7855 holds, targeting the first resistance level at 0.7920.

The NZDUSD pair declined during recent intraday trading after testing a key short-term downward trendline, which exposed it to negative pressure and pushed it lower. The pair also broke below EMA50, reducing the chances of continuing the strong gains seen in the previous session.

This comes alongside the emergence of a negative crossover of the relative strength indicators, after reaching heavily overbought levels, which further increases the bearish pressure surrounding the pair.

The AUDUSD pair declined during recent intraday trading after previously facing resistance of EMA50, which forced it to reverse lower. This comes amid the dominance of a short-term bearish corrective wave, with price movements aligned along a downward trendline supporting this direction.

We also observe increasing negative signals from the relative strength indicators, after the pair managed to relieve its oversold conditions, opening the way for further losses in the near term.