XBRUSD continues to be on a general upward trend; however, the energy commodity has suffered strong pullbacks in recent sessions as the stock accumulates amid the delta variant pandemic fear.
The Bollinger bands are wide, indicating high volatility; the price trades closer to the lower band, suggesting that it is relatively low; this will likely drive the price up in the short term. The bands are slightly moving down, which could indicate a downtrend if they continue to point downwards.
The price trades inside the Ichimoku cloud, which could be interpreted as market uncertainty since the cloud is green, it indicates that an uptrend can be expected to continue. The relative strength index is currently at 45%, which will allow the pair to gain momentum and start climbing again until an overbought status is reached or the RSI gets very close to 70%.
Our parabolic SAR indicator suggests that the trend for the short term is downwards; however, the price broke a resistance at our 38.2% Fibonacci retracement, meaning that it's likely to continue moving up.
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