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18 Sep 2019

Brent technical analysis: 200-day EMA exerts downside pressure towards $63.15/10

  • Brent Oil’s latest recovery fails to cross 200-day EMA.
  • 100-day EMA, 38.2% Fibonacci retracement becomes key support to watch.

Irrespective of Brent’s latest bounce off $64.20, the black gold remains below the 200-day exponential moving average (EMA) while taking rounds to $64.65 ahead of the London open on Wednesday.

The British oil benchmark’s sustained trading below key EMA increases the odds of its further declines towards 100-day EMA, 38.2% Fibonacci retracement of April-August drop, near $63.15/10.

In a case where bears dominate past-$63.10, multiple tops flashed during early-August can lure them to $61.50/40 support-area.

Meanwhile, a successful break above 200-day EMA level of $64.80 needs to overcome a 50% Fibonacci retracement level of $65.30 in order to aim for July month high of $67.45.

Additionally, buyers’ ability to cross $67.45 on a daily closing basis can renew hopes for the run-up towards latest high surrounding $69.80.

Brent Oil daily chart

Trend: bearish

 

Sep 18, 2019

GBP Futures: further upside looks limited

CME Group’s advanced data for GBP futures markets noted open interest and volume dropped by nearly 2K contracts and around 9.3K contracts, respectivel
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Sep 18, 2019

Extra gains in AUD appear to have lost traction – UOB

In view of FX Strategists at UOB Group, the upside momentum in the Aussie Dollar seems to have run out of steam in the near term. Key Quotes 24-hour v
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