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U.S. DOLLAR / BRENT CRUDE OILUU

U.S. DOLLAR / BRENT CRUDE OIL

65.93USDR
−0.48−0.72%
As of today at 08:48 GMT
USD
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Brent to continue in the upward move?Brent - 24 expiry The rally was sold and the dip bought resulting in mild net gains yesterday. Intraday, and we are between bespoke support and resistance 73.72-81.78. Immediate signals are hard to interpret. Previous resistance, now becomes support at 77.40. There is no clear indication that the upward move is coming to an end. We look to Buy at 77.40 (stop at 76.40) Our profit targets will be 79.90 and 81.78 Resistance: 79.90 / 81.78 / 84.57 Support: 77.40 / 76.61 / 73.72 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
OLong
by OANDA
Oil could rally hardOil is forming a bullish falling wedge pattern. If a breakout occurs, it will trigger a major bull run toward the big red or 200-day MA and beyond. Oil found support in the summer area of support and bounced nicely. Now, it is trying to break the pattern and continue to rise. MACD has already shown a line cross, indicating bullish momentum, while RSI is also moving up. Technical analyses indicate that if a breakout occurs, the move will be massive. Macroanalyses show there is a huge chance for that. The Fed lowering rates, the dollar dropping like a stone, and the closure of the Red Sea could trigger a massive move in oil. Therefore, a buy trigger will almost certainly occur within days or even today.
OLong
by Consistent_Trades
First Wave Leading Diagonal, Three Waves Corrective NowHello! I am a big fan of the Elliott wave principle, which I find very interesting and useful for market analysis. I have developed my analytical approach by combining this principle with my personal experience and considering various scenarios that could occur in the market. While I would like to share my analysis with you, please note that I am not providing a buy or sell signal. My primary intention is to share my unbiased analysis so that you can utilize it as a guide to make an informed decision. To build your confidence in my analysis, I always share my previous analysis from the same market so that you can compare and see the progress. All the details of my analysis are clearly labeled, which should make it easy for you to understand. I hope that my analysis is useful to you in your business journey, and I wish you all the best. I am looking forward to hearing from you. Lastly, I would like to mention that like-mindedness and support, comments, and likes are the most important pillars of progress, just like support points in the financial markets. They give me the energy to continue and share more ideas with you. Sincerely,
OShort
by Mehdi_Abbasi_EWP
Sideway Correction For Wave BHello! I am a big fan of the Elliott wave principle, which I find very interesting and useful for market analysis. I have developed my analytical approach by combining this principle with my personal experience and considering various scenarios that could occur in the market. While I would like to share my analysis with you, please note that I am not providing a buy or sell signal. My primary intention is to share my unbiased analysis so that you can utilize it as a guide to make an informed decision. To build your confidence in my analysis, I always share my previous analysis from the same market so that you can compare and see the progress. All the details of my analysis are clearly labeled, which should make it easy for you to understand. I hope that my analysis is useful to you in your business journey, and I wish you all the best. I am looking forward to hearing from you. Lastly, I would like to mention that like-mindedness and support, comments, and likes are the most important pillars of progress, just like support points in the financial markets. They give me the energy to continue and share more ideas with you. Sincerely,
C
by Mehdi_Abbasi_EWP
Oil: Head & Shoulders Pattern,Heading Back to the $60 Territory?Hi Fellow Realistic Traders. Here's my latest price action analysis on Oil! The oil market has recently witnessed a significant head and shoulders pattern breakout, signaling a clear shift towards a bearish reversal scenario. Subsequently, the price has persistently descended below the EMA200 line, affirming the establishment of a robust downtrend. Further underscoring this trend, the Stochastic indicator revealed a bearish divergence, suggesting a potential sustained downward movement towards our target area. It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached. Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on $UKOIL."
TShort
by financialfreedomgoals101
4
Weekly Price Prediction: $78.00 (Min) and $87.50 (Max)Projected Price Range The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $75.62 (Min) and $81.93 (Max). Contended Price Levels $81.00 - $78.00 High Volume Node - potential support $81.73 Resistance Line - potential resistance $75.62 Support Line - potential support Technical Analysis Fibonacci Retracement Breakout: The price has gone below the 0.5 Fibonacci level. This level is currently just a dollar above the blue resistance line. Volume Profile Analysis: High Volume Nodes (HVM): Bottom HVM: Signifying an area of good liquidity and a potential support region. The price has stalled in this area over the last few weeks. If the price breaks downwards it could carry on. MACD and Stochastic RSI: Stoch RSI (Bottom Indicator): It has crossed over at the bottom and now has just about crossed over at the top. Showing overbought pressure and a potential downturn. MACD (Top Indicator): This indicator has maintained just below the negative region and has refused to move out over the last few weeks. I don't see it going anywhere this week. I believe it will stay and we won't see a bullish signal this week from this indicator. Additional Factors Prior Resistance ( Top Blue Line): Just above the Bottom HVM, a blue line represents a prior resistance level. The blue line just crosses over the current price bar. Could be a potential resistance area as well. Prior Support (Bottom Blue Line): This represents a support level for the price. This may be crucial if broken as the HVM is just above it. The blue line just crosses over the current price bar. Could be a potential support area as well. Geopolitical Events: Given the volatile nature of the commodities market, traders are advised to stay vigilant regarding any geopolitical events in the upcoming week, as these events can significantly impact oil prices. Conclusion To conclude we see the price range being between $75.62 (Min) and $81.93 (Max). This is due to the price staying within the HVM and seeing support with also a support line just below the HVM. However, there is a resistance line just above the HVM as well. These two support and resistance lines make our price range for this week. The Stoch RSI is showing a bearish sentiment so this will be crucial to watch out for. Also, something else which is crucial to watch out for is the blue line that has already crossed the current price bar. This will form new support/resistance. The MACD is effectively null this week.
O
by BlackbearTrader
Brent (ICE) may fall to 74.45 - 75.10Daily and weekly charts are also bearish. Pivot 76.30 Our preference Short positions below 76.30 with targets at 75.10 & 74.45 in extension. Alternative scenario Above 76.30 look for further upside with 76.80 & 77.50 as targets. Comment The RSI is bearish and calls for further downside. Supports and resistances 77.50 76.80 76.30 75.59 Last 75.10 74.45 73.60 Number of asterisks represents the strength of support and resistance levels.
BShort
by Daniel_Thompson