LIGHT.CMD/USD 4H Chart: Pressure by 50-hour SMA - Trade Pattern Ideas - Dukascopy Bank
Wed, 12 Jun 2019 05:28:42 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇘
The light crude oil has continued to maintain a downside sentiment against the US Dollar. The pair tested the upper boundary of a junior descending channel pattern at 54.00 on June 10.
The commodity tested a resistance level formed by the 50-hour simple moving average at 53.41 during the morning hours of Wednesday's trading session.
If the resistance level holds, the LIGHT.CMD/USD pair could aim for the bottom border of a medium-term descending channel pattern at 50.00 during the following trading sessions.
On the other hand, if the pair breaks the 50-hour SMA, a surge towards the weekly and the monthly PPS at 56.73 could be the next target for bullish traders.
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