EURUSD

EURUSD_Daily_May_6th

Tuesdays shooting star candle aided bearish sentiment after testing the 1.1600 level last reached August 2015. This has brought price back to test a potential key pivotal support zone of  1.1370/1.1400, as indicated  via the arrows.

The current trend still seems to be in tact from the early March lows, however slightly soft Non-Farm Payrolls data could change market sentiment.The integrity of this trend may be in question with a breach of 1.1340 level

Short term potential support remains at 1.1370 with short term resistance residing at 1.1650 

Nymex Oil June Future

OIl_Nymex_June_Fut_4hr_May6th

After reaching 5-month highs of 46.80, price has retreated to find short term support at 43.35. Currently this recent upward channel on the 4 hour chart is still intact with trend support around 43.45, with the 38.2% Fibonacci retracement coming in at 42.93.

Price has recently struggled with the previous reaction high of 45.30 which is acting as short term resistance.

Later this evening the US Baker Hughes oil rig count will be hitting the wires at 18:00 which should give the market more of an insight at which the pace of oil rigs in the US are coming on or off line

Dow Jones Industrial Average

Dow_Daily_May6th

The Dow’s rally from the lows in February could be showing signs of fatigue. The recent bearish divergence in the RSI has shown a weakness in bullish sentiment as we have pulled back from the high s of 18175. Moreover the recent trend line has broken in addition to testing previous highs.

The 23.61 % Fibonacci retracement may act as short term support at 17546 with the upside capped at the 18175 level.

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