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USD/JPY: upward momentum maintains 20 September 2019, 14:15

USD/JPY: upward momentum maintains 20 September 2019, 14:15 Scenario Timeframe Weekly Recommendation BUY Entry Point 1...

Sep 11, 2019

Brent Crude Oil: technical analysis 11 September 2019, 10:19


Scenario
Timeframe Weekly
Recommendation SELL STOP
Entry Point 61.50
Take Profit 59.00, 57.50
Stop Loss 63.00
Key Levels 57.50, 59.00, 61.50, 64.50, 66.75, 68.00
Alternative scenario
Recommendation BUY STOP
Entry Point 64.50
Take Profit 66.75, 68.00
Stop Loss 63.00
Key Levels 57.50, 59.00, 61.50, 64.50, 66.75, 68.00
Brent Crude Oil, H4
On the 4-hour chart, the instrument is trading in the upper Bollinger band. The price remains above its moving averages that start turning up. The RSI is testing from above its longer MA, having formed a Bearish divergence with the price. The Composite has broken down its longer MA.

Brent Crude Oil, D1
On the daily chart, the instrument is trading on the upper line of the Bollinger Bands. The price remains on the level with its moving averages that are directed down. The RSI is approaching the border of the overbought zone. The Composite is testing its quite strong resistance.

Key levels
Support levels: 61.50 (local lows), 59.00 (local lows), 57.50 (November 2018 lows).
Resistance levels: 64.50 (local highs), 66.75 (June highs), 68.00 (July highs).
Trading tips
There is a chance of a downward correction, while a breakout of local highs near 64.50 would lead to a growth continuation.
Short positions can be opened from the level of 61.50 with targets at 59.00, 57.50 and stop-loss at 63.00. Validity – 3-5 days.
Long positions can be opened from the level of 64.50 with targets at 66.75, 68.00 and stop-loss at 63.00. Validity – 3-5 days.

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