LIGHT.CMD/USD 4H Chart: Decline likely to continue - Trade Pattern Ideas - Dukascopy Bank

Wed, 16 Oct 2019 05:50:23 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The LIGHT.CMD/USD pair has been trading downwards since the middle of September after the commodity reversed from the upper boundary of a descending channel pattern at 63.39.

The light crude oil breached the 50– period simple moving average at 53.18 during yesterday's trading session.

Given that the 50-, 100– and 200– period SMAs are above the price level, bearish traders will likely drive the exchange rate further south during the following trading sessions.

The potential target for bearish traders would be at a support cluster formed by the monthly S1 and the weekly S2 at 50.29.


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