BRENT.CMD/USD 4H Chart: Likely to aim at $63

Brent Crude, the international benchmark price for purchases of oil, rose above $60 a barrel for the first time in over a week on Wednesday. The surge was attributed to a bigger-than-expected decline in the US crude inventories.

The BRENT.CMD/USD pair is currently testing a resistance level formed by the 100– period simple moving average at 60.27.

Most likely, the commodity is expected to breach the resistance level, as mentioned earlier. The pair could aim for the $63 area before the end of this week's trading session.

However, a resistance cluster at 60.92 could hinder the bullish traders in the short term.

Chart

 

LIGHT.CMD/USD 4H Chart: Reveals junior channel

The Light crude oil prices have risen by 12.05% in value against the US Dollar since August 7. The pair is gradually edging higher in a junior ascending channel pattern.

Currently, the commodity is stranded between SMAs. The 200-period simple moving average is providing resistance for the pair at 56.46, while the 100– hour SMA is providing support at 55.25.

Everything being equal, the LIGHT.CMD/USD will likely continue to trade in the junior ascending channel. Bulls could target the weekly R2 at 59.21 in the nearest future.

Though, the pair needs to surpass the 200-period SMA before reaching the expected forecast.

Chart

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 

EUR/USD News

GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 

GBP/USD News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures