Patterns: Brent.CMD/USD, Light.CMD/USD

Dukascopy Bank Team Dukascopy Bank SA

BRENT.CMD/USD 4H Chart: Sets for breakout

After the Brent crude oil tested the monthly R1 at 67.73 on July 11, the commodity made a U-turn south. As a result, the pair has lost about 5.47% in value since last week's trading sessions.

Currently, BRENT.CMD/USD is trading near the bottom line of an ascending channel pattern. From a theoretical point of view, a breakout could occur during the following trading sessions.

If this breakout occurs, the pair could aim for a swing low at 60.32 during next week's trading sessions.

On the other hand, the 200-hour simple moving average at 63.74 might provide support for the pair within this week's sessions.

LIGHT.CMD/USD 4H Chart: Could edge lower

The Light crude oil prices have depreciated about 6.23% in value since last week's trading sessions. The commodity breached both the 50– and 100-hour SMAs at 58.94 during yesterday's session.

Most likely, the LIGHT.CMD/USD pair could continue its southern movement in the coming days. The pair might aim for the 61.80% Fibonacci retracement level during next week's trading sessions.

However, a support cluster formed by the 200-hour simple moving average and the combination of the weekly and the monthly PPs at 56.14 could provide significant support for the pair in the nearest future.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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