Crude oil prices fell heavily once again yesterday, as the commodity lurched lower, adding further momentum to the negative sentiment for oil, which has now fallen steadily throughout July and August, with the December WTI contract closing at $92.86 per barrel on the day.
GBPUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.7190, the bounce from 1.6657 could be treated as consolidation of the downtrend.
The AUDUSD pair as you can see went back and forth during the course of the day on Monday, continuing to show the 0.93 level is an area where the buyers could step back into the marketplace.
The EURUSD pair initially tried to rally during the beginning of the session on Monday, but turned back around and fell back into the consolidation area.
The EURUSD pair fell during the course of the day on Monday, continuing to show a bit of a downtrend, and consolidating in this general vicinity.
The GBPUSD pair rose slightly during the session on Monday, but found the 1.68 level resistive. This was an area of support previously, so the fact that we did not break above there is in fact interesting.
The AUDUSD pair fell during the course of the day on Monday, but not significantly so.
Like many of the major currency pairs at present, it’s US dollar strength which has been the primary driver over the last few weeks, and for the USDCAD, which moved firmly lower once again, the decline in the price of oil has also added further momentum to the move.