The energy commodity could resume its uptrend in the subsequent trading sessions. The pair lost 3.93% in the last two trading days, but it might continue going up and potentially break the resistance at 85.39.
The Bollinger bands have been narrow and steady for the last few sessions, which means that the price might be entering a consolidation period. The price is likely to move within a range of 79.8 and 85.24 in the next few sessions; we would have to wait for the price to show some more signs of a breakout or breakdown.
The relative strength index is currently at 50%, which is a great spot as it will allow the price to move in either direction, we are getting mixed signals at the moment, and for now, we would stay out of this pair. There are some movements expected after the consolidation phase is over. Keep an eye on this pair as there might be a good trading opportunity in the short term.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
