By Mexgroup.com
Brent Oil Upside Completed
The Brent Oil dropped today and reached new lows, but failed to stay near 55.29 low and now has squeezed a little. Price plunged on Friday and confirmed that we may have a larger drop in the upcoming weeks. Technically, it should drop much deeper after a false breakout, but it could increase a little again to retest another resistance before will really drop.
The rate is trading above the $55.50 per ounce, could increase a little if the USD/CAD will drop towards the 1.2460 static support in the upcoming days.
Brent is into a correction phase right now, remains to see how long this will be because stands above crucial support levels. Personally, I believe that only the fundamental factors could keep it higher because technically has failed to stay in the green territory.
Price dropped and resumed the bearish movement, but it could come back to retest the 250% Fibonacci line (descending dotted line) before will drop towards the downside line of the minor ascending channel. Technically, is expected to drop after the false breakout above the median line (ML) of the blue ascending pitchfork, it should be attracted by the 50% Fibonacci line (ascending dotted line), but is premature to talk about a larger drop because anything could happen.
Free Reports:
AUD/USD Facing Tough Support
Price is trading in the red on the Daily chart, but shows some exhaustion signs after the failure to approach and reach the 0.7732 Friday’s low. Price is pressuring the 0.7755 horizontal support, another false breakout will announce a minor increase towards the median line (ml) of the descending pitchfork. The next major downside target will be at the first warning line (WL1) of the ascending pitchfork, will reach it only if the USDX will climb again above the 93.81 static resistance.
USD/CHF Breakout Still Possible
The USD/CAD increased today and still tries to breakout through the confluence area formed at the intersection between the 0.9787 resistance with the outside sliding line (SL). A valid breakout will accelerate the upside movement. Technically, it could move sideways to recapture more directional energy before will resume the upside movement.
By Olimpiu Tuns – Market Analysis
I graduated a Master in Business Administration, I am a Market Analyst / Trader on Financial Markets (forex, commodities, futures, options) for more than 6 years, I use technical and fundamental analysis for my daily activity. Founder and Market Analyst at ovtbusiness.com (Financial Markets Blog) and contributor on investing.com, actionforex.com, countingpips.com, forexalchemy.com, etc.
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The post Daily Market Report – Brent Oil Retreat In Play October 09, 2017 appeared first on mexgroupblog.
