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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 12, 2019

WTI Crude Oil: general review 12 September 2019, 11:08


Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 56.07
Take Profit 56.80
Stop Loss 55.45
Key Levels 53.13, 54.18, 55.07, 55.73, 56.79, 57.38, 58.16, 59.02
Alternative scenario
Recommendation SELL STOP
Entry Point 55.20
Take Profit 53.95
Stop Loss 55.75
Key Levels 53.13, 54.18, 55.07, 55.73, 56.79, 57.38, 58.16, 59.02
Current trend
On Wednesday, WTI crude oil price fell significantly amid the likely easing of sanctions against Iran as reported by Bloomberg. Earlier it became known that the US president Donald Trump has disagreements on this issue with National Security Advisor John Bolton, whom Trump fired last Tuesday.
At the same time, commodity inventories in the US have been declining for the fourth consecutive week, but this does not contribute to the restoration of the instrument, since Iran’s possible return to the market in the face of falling demand will collapse oil prices.
Market participants are awaiting the outcome of the meeting of the Joint Ministerial Monitoring Committee, which will be held today in Abu Dhabi. US Baker Hughes Oil Rig Count will be published tomorrow at 19:00 (GMT+2).
Support and resistance
On the H4 chart, the instrument is correcting at the lower line of Bollinger Bands, which is seen as a key support level. The indicator is reversing sideways, and the price range is expanding, indicating further downtrend. MACD histogram is moving to the negative zone having formed a weak sell signal. Stochastic is leaving the oversold zone having formed a strong buy signal.
Resistance levels: 56.79, 57.38, 58.16, 59.02.
Support levels: 55.73, 55.07, 54.18, 53.13.

Trading tips
Long positions may be opened from the current level with target at 56.80 and stop loss at 55.45.
Short positions may be opened below 55.25 with target at 53.95 and stop loss at 55.75.
Implementation time: 1-2 days.

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