Baxia Markets
July 02, 2021

UK Oil retraces to continue the uptrend.

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XBRUSD resumes its uptrend after finding a retracement. The pair made it to the $73.38 levels and bounced back. It did not make it to its first Fibonacci retracement level at $72.93; traders reacted before it could attempt a breakout; this allowed the Relative strength index to get to the 62% levels. The current RSI sits at 66%, and as the price continues its uptrend, we will likely see it enter an oversold status in the short term.

The Bollinger bands are slowly shrinking, which will slow down volatility a bit, allowing a price consolidation in the mid $70's. The pair momentarily traded above the upper band, suggesting that the price is relatively high; however, it now trades below the line allowing it to continue its uptrend.


UK Oil July 1st 2021

The short and long-term moving averages continue moving up, and the space between them continues to expand, which is an uptrend signal. It is likely to see another retracement in the upcoming days, allowing the pair to gather more strength and possibly break its highest level since October 2018.

Our parabolic SAR indicator suggests that the price will continue its uptrend.


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