The price of crude oil exhibited a decline as the US dollar stabilized in anticipation of a vote on the pending debt deal. The direction of West Texas Intermediate (WTI) is uncertain. Today, the price of crude oil attempted to rise but ultimately fell within its established range. There are indications that progress is being made towards resolving the debt ceiling issue. However, fluctuations in the value of the US dollar may play a crucial role in determining the direction of crude oil prices. It remains to be seen whether a resolution to the debt issue will have an adverse impact on the value of the US dollar.
In the short-term downtrend, EUR/USD appears to be excessively sold. Meanwhile, EUR/GBP and EUR/AUD are exhibiting signs of bearishness. Despite optimism surrounding the US debt ceiling, lingering doubts persist. Both the Federal Reserve and Bank of England’s rate forecasts may contribute to a bearish sentiment towards the pound. The GBP/USD’s chart pattern suggests a bearish outlook.
The upcoming week for Bitcoin and Ethereum presents a potential limit to their upward trends, as they have recently surpassed minor resistances. However, it remains challenging to overcome the notable high points experienced in early May.