The energy commodity had a six-day losing streak where it lost more than 24%, the pair broke three support levels on our Fibonacci retracements at 50%, 38.2%, and 23.6%. The pair currently traded inside the Ichimoku cloud, which will bring uncertainty in the markets.
The Bollinger bands are wide and volatility should continue to be high in the short term, the pair trades in between the bands, suggesting that the price is relatively fair. The short and long-term moving averages are above the price which suggests that the downtrend would continue.
The relative strength index is at 45% which would allow the pair to move in either direction, the price could find support at 3.635 if it continues to fall, the resistance is now at 4.212, we want to wait and see how the pair behaves over the weekend in order to make a trading decision.
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