Brent Crude Oil is in an overall downtrend – Credit Suisse

FXStreet Insights Team FXStreet

Brent Crude Oil is still holding its 2023 lows but remains in a clear downtrend, in the view of strategists at Credit Suisse.

Break above 55-DMA and recent high at $78.66/67 would point to another swing higher

With medium-term momentum still negative and with the market still below sharply falling medium-term moving averages after holding below the 55-DMA and range top at $78.66/67 post the OPEC+ supply cut, we still view the market as in an overall downtrend, albeit one that is slowing, and we, therefore, stay biased towards a break below $71.28/70.12 in due course.

Above the 55-DMA and recent high at $78.66/67 would in contrast point to another swing higher towards more important resistance, which remains at the 200-DMA, a key price high and potential downtrend at $84.53/87.49.

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.