The Brent crude oil prices have depreciated about 8.15% against the US Dollar since last week's trading sessions. The pair tested the lower boundary of a junior descending channel pattern at 67.00.
The BRENT.CMD/USD pair is currently trading near a resistance cluster formed by the combination of the 50-, 100– and 200-hour SMAs at 70.79.
If the pair passes the resistance cluster, buyers could drive the commodity towards a swing high of 72.79 during the following trading sessions.
However, if the cluster as mentioned earlier holds, a breakout through the bottom border of the channel pattern could occur in the nearest future.
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