Crude oil prices have recovered after another day of losses. WTI fell to $34.50 yesterday, another fresh 6-year low, but managed to recover to $36.70 into the NY close. In Asia, it consolidated between $36.10 and $36.40. USD/CAD declined slightly as oil recovered and reached a low of 1.3705 in Asia, roughly 75 pips lower from yesterday's high. The outlook remains bullish for the pair, with no significant resistance seen until 1.40.
AUD/USD rallied to 0.7280 overnight, while NZD/USD is struggling with 0.68 resistance once again. Should it be able to clear the aforementioned level, next resistance is seen at 0.6895, which is the October 2015 high. The Aussie Dollar has been lagging behind the Kiwi Dollar for a while now and this intensified after the less dovish than expected RBNZ meeting last week.
USD/JPY recovered in Asia after being under pressure yesterday. It bounced from 120.40 in the late NY session and rose to 120.90 into the Sydney open. The pair eventually extended gains to almost 121.20 ahead of the Tokyo open, but ran out of momentum there.
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