Weekly analytics- Forex Technical Analysis: Trend potential – Brent Retracing

Brent Review

Brent Retracing

Technical Observation

A key daily support can be ween around 70.698. few days ago, Brent oil retraced to the lowerside and is still very bearish on the daily chart, I expect further retracements to the lowerside but should not go below the daily support line 70.698 where I’ll be looking to buy Brent oil. You may look for short positions now, but not for long, instead, take your profits around 70.698, and should the price again break below 70.698, then wait for a pullbacks to the just breached line to pick another short position towards 57.338.

Trade Signal.

Rebuy Brent at 70.698 towards 81.330.

XPDUSD Review

Brent Retracing

Technical Observation

few days ago, XPDUSD traded with an increasing bearish bias but is currently approaching a daily support line 954.62. Unless there’s a clear breakout below 954.62 with a big red candle, I expect a rebound from this line to pick a long position with an ideal take profit at 1054.72. On its way upwards, the key lines to check for include 997.70, and 1018.70, should this lines be broken, then the price will continue upwards. On the other side, should the price break below 954.62, then I’ll expect a rally to the lower side.

Trade Signal.

Waiting for a buy on a bounce from 954.62.

Gold review

Brent Retracing

Technical Observation

Gold is currently trading with an increasing bearish bias. Last week, XAUUSD traded to the lowerside and even went below the supportive trendline. While the price is below this trendline, I expect a surge to the lowerside and should breakout below 1240.55. Should the price break below this line, then I’ll expect a rally further to the lowerside with the next ideal take profit at 1200.00. As it is on the daily chart, I may only consider a long position on a break above the upper trendline or above 1310.47.

Trade Signal.

sell XAUUSD towards 1240.55

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