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Brent Crude oil & USDTRY – A look ahead

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The Brent Crude Oil chart is showing the latest attempt by price to break out of the 7800.00 area and gain ground above 8000.00. The failed move higher last week found support at 7558.00 and this is now supportive after being resistive previously. A break under the falling trend line needs to stay above this level or else traders could see a move down to test lower support levels at 7411.00 or 7276.50. The falling support trend line comes into play below 7000.00.

Resistance is now found at today’s high of 7944.50 with a break above this level targeting 8000.00. The previous high comes into play at 8050.00 and a confirmed close above this area opens the way to higher levels at 8100.00 followed by 8200.00. Disruption to global supplies during Hurricane season can see upward pressure on prices at this time of year. Meteorologists are watching developments in the Western Caribbean.

USDTRY

The turmoil in USDTRY has settled with price trading above 6.4000. Price action is squeezing down as the spotlight shifts to other areas of the market. The pattern suggests that a continuation pattern is forming but more data is needed to confirm this. For now resistance remains in place at 6.5037 followed by the falling trend line at 6.6000. A break higher could see a move up to test the lower high at 6.8468. If this level is overcome focus would shift to the 7.0000 level followed by the previous high at 7.1420.

Support for the pair can be seen at the lower rising trend line in the area of 6.4000 with previous resistance coming into view with a loss of this level. That previous resistance is located at 6.2344 ahead of 6.2000. Should price action drop under this area, then the round number at 6.0000 and support at 5.9695 may provide an area for traders to engage with the market. The higher low at 5.7000 from mid August is a key level for buyers.


Brent Crude and USDJPY Video 

 

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