ONLINE FOREX BROKER
2022-06-06 • Updated
On W1, Brent oil formed a bearish candlestick with a long upper shadow. All things equal, it will be difficult for bulls to keep pushing higher immediately after such a pattern. In addition, the price failed to close above the 61.8% Fibo retracement of the 2018 decline at 72.80. In this area, there’s also the weekly pivot point. As long as the price stays below this level, it’s vulnerable for a bearish correction.
Notice that if you want to trade Brent, choose BRN-19M in your MetaTrader (File - CFD Futures).
Here’s a trade idea adjusted for the chart of the June futures contract:
SELL 71.50; TP 70.30; SL 71.90
Last week was shocking! The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
After closing our short positions on Brent Crude which fell from around 76.60’s all the way down to 67.50.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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