Technical analysis

18 September 2020

13:23 Oil consolidated above MA (200) H1

Yesterday, Brent crude was trading higher and closed the day in positive territory around $43.10. Oil was trading in a narrow range of $43.00-35 today, staying close to yesterday's closing price. On the hourly chart, Brent has broken through and consolidated above the MA line (200) H1 ($40.70). On the four-hour chart, oil remains below the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the northern direction in trading, and while Brent remains above MA 200 H1, it may be necessary to look for buy entry points to form a correction.

  • Resistances levels are at: $44.15-35, $45.25, $45.85

  • Support levels are at: $41.35, $40.40-15, $39.00-15

Oil consolidated above MA (200) H1 18.09.2020

Probably, the main scenario - is a subsequent rise to $44.10 (Sep 4 high). An alternative scenario - may be consolidation below MA 200 H1 with a subsequent decline to $39.15 (Sep 15 low).

18 September 2020, 12:54

USD/JPY is trading near 7-week low

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