Dukascopy Bank Team
Dukascopy Bank SA
BRENT.CMD/USD 4H Chart: Bulls likely to prevail
The Brent crude oil prices have surged by 14.18% during the last two weeks. The BRENT.CMD/USD exchange rate breached the $48 level during the morning hours on Wednesday.
All things being equal, the commodity could continue to trend bullish through the following trading sessions. The potential target for bulls would be near the $50 mark.
On the other hand, the crude oil could make a brief retracement towards the 60.00 level within this week's trading session.
LIGHT.CMD/USD 4H Chart: Buying signals
The Light crude oil prices have been edging higher in an ascending channel pattern since November 8. The LIGHT.CMD/USD exchange rate has surged by 20.40% since the beginning of this month.
Technical indicators suggest buying signals on the 4H, daily and weekly time-frame charts. Most likely, bullish traders could continue to pressure the crude oil prices higher during the following trading sessions.
However, a resistance level at the 47.00 area could provide a barrier for bulls within this week's trading sessions.
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.
Recommended Content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.