LIGHT.CMD/USD 4H Chart: Bounces off 50.00% Fibo - Trade Pattern Ideas - Dukascopy Bank
Wed, 24 Jul 2019 05:56:51 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Neutral
Neutral
Sell
SAR(0.02;0.2)
Buy
Sell
Buy
Aggregate
⇒
⇘
⇒
The LIGHT.CMD/USD pair bounced off the 50.00% Fibonacci retracement level at 55.47 on July 18.
Currently, the pair is stranded between SMAs. The 50– and 100-hour SMAs are providing resistance at 58.02, while the 200-hour simple moving average is providing support at 56.62.
Most likely, the light crude oil prices could aim for a psychological resistance level at 61.00 during the following trading sessions.
However, technical indicators suggest that the pair is likely to edge lower in the nearest future.
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