BRENT.CMD/USD 4H Chart: Two scenarios likely - Trade Pattern Ideas - Dukascopy Bank

Wed, 16 Oct 2019 05:48:35 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralSellSell
SAR(0.02;0.2)SellBuySell
Aggregate

The Brent crude oil has been depreciating against the US Dollar since the middle of September after the pair reversed from a psychological resistance level at 70.00 on September 17.

Currently, the commodity is trading near the weekly pivot point at 59.66. Note that the upper line of a descending channel pattern is providing resistance for the exchange rate. Thus, the pair could breach the resistance level and extend gains in the nearest future.

However, if the resistance line set by the descending channel pattern holds, the BRENT.CMD/USD pair will likely continue its southern movement during the following trading sessions.


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