BRENT.CMD/USD 4H Chart: Likely to maintain channel - Trade Pattern Ideas - Dukascopy Bank
Wed, 30 Oct 2019 06:21:10 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Buy
Sell
SAR(0.02;0.2)
Sell
Buy
Sell
Aggregate
⇒
⇗
⇘
The Brent crude oil is currently trading in a narrow ascending channel pattern against the US Dollar. The commodity tested the monthly pivot point at 62.11 on October 28.
The BRENT.CMD/USD pair will most likely maintain the narrow ascending channel within the following trading sessions. The potential target for the exchange rate will be near the weekly R2 at 64.67.
If the weekly R2 holds, bears are likely to come into play and drive the benchmark price lower during the following trading sessions.
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