Brent Oil Forecast: Potential Price Rise Ahead
The price of Brent oil is currently approaching a strong supporting zone formed between levels 71.50 and 72.50. It is also important to note that oil has already gained the required support in this zone, reversed, went north, and jumped many times before. It might potentially happen now as well. So, let’s observe whether this scenario might work out.
Now, the price of the Canadian dollar is testing a very important supporting zone formed between levels 1.3560 and 1.3590. The price of this asset might either rebound from this zone or break through. Hence, it would be interesting to follow the price movements in this zone as well as observe the candlestick formations. It will help to forecast the upcoming market sentiment.
The price of the Australian dollar is slowly approaching the horizontal level of 0.6798 and a broken local uptrend located next to the resistance. The price of this asset is likely to rebound from these trendlines and drop. So, let’s observe what the next price movement of the Australian dollar might be.
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