Energies
Oil maintains its uptrend despite bearish corrections in the short term. Brent broke above $75 again in today’s trading. Price will likely find support at the dynamic support level of moving average 30 around $74.50
Failure to close below this moving average confirms the current uptrend. However, falling below $74.00 might push prices further down to the next critical support level $71.50
Watch out for $75.80 resistance level as breaking above it opens the door for revisiting $76.20 again.
Brent 1H Chart
| Resistance | $75.80 | $76.20 | $77.45 |
| Support | $73.67 | $73.92 | $72.50 |
The US dollar showed strength against major currencies in yesterday’s trading. EURUSD fell 81 points to 1.1472. However, the pair is recovering today and reclaimed the 1.1500 level as it bounced from the previous resistance level 1.1475
Price is likely to find resistance at the moving average 30 levels in the short term, but the long term trend remains bullish. Breaking above 1.1550 might push the pair higher towards 1.1650 resistance level.
EURUSD 1H Chart
| Resistance | 1.1522 | 1.1545 | 1.1576 |
| Support | 1.1488 | 1.1452 | 1.1402 |
While demand for gold as a safe haven remains strong, a bearish correction has caused prices to fall $80 since last week.
Price action shows fluctuations around the $3,400 levels with all three moving averages MA(5). MA(10), and MA(10) covering. The attention now goes to the critical $3,400 level. Breaking above this level and closure of the hourly chart beyond it might open the door for further spikes toward $3,430
Gold 1H Chart
| Resistance | $3,400 | $3,416 | $3,453 |
| Support | $3,370 | $3,354 | $3,326 |
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