USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Brent may fall to $50
SELL 55.70; TP1 53.00; TP2 50.50; SL 56.90
Oil is an asset that can move in one direction without significant corrections for a long time. Brent fell below 56.80 last week (50% Fibonacci retracement of the 2016-2018 advance; 200-week MA, 50-month MA). As you can see, a lot of important levels converge in this area. As a result, it will act as strong resistance. There’s a divergence in oscillators on D1, signaling that the commodity is oversold and may try to pull back up. However, a recovery towards 56.80 will likely attract more sellers. Downside target lies at 61.8% Fibo at 50.00.
Notice that to trade Brent you need to choose one of the following CFD charts:
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
Oil prices have been climbing up for a long time. What have stopped them?
There has been some movement in the EUR/USD chart. What's happening?
There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?