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AUD/USD: technical analysis 15 November 2019, 12:22

AUD/USD: technical analysis 15 November 2019, 12:22 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 0...

Nov 6, 2019

Brent Crude Oil: oil prices are growing 06 November 2019, 09:35


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 63.45
Take Profit 65.00
Stop Loss 62.20
Key Levels 60.00, 61.16, 62.00, 62.67, 63.39, 64.00, 65.00
Alternative scenario
Recommendation SELL STOP
Entry Point 62.60, 62.25
Take Profit 60.00
Stop Loss 64.00
Key Levels 60.00, 61.16, 62.00, 62.67, 63.39, 64.00, 65.00
Current trend
Oil prices rose on Tuesday, supported by increased optimism regarding a preliminary US-China trade agreement. In addition, since China continues to insist on the abolition of the planned increase in import duties on December 15 and the tariffs introduced in September, investors expect Washington to make concessions in this issue, which will significantly reduce the degree of tension in the market.
OPEC’s updated forecasts for oil production over the next few years also supported quotes on Tuesday: by 2024, oil production should be reduced to 32.8M barrels per day. Also, API Weekly Crude Oil Stock report for the week ending November 1 reflected sharp growth in stocks by 4.26M barrels after a decline of 0.708M barrels for the previous period. Today, investors are awaiting the publication of EIA Crude Oil Inventories report.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range expands from above, freeing a path to new local highs for the “bulls”. MACD is growing, keeping a weak buy signal (located above the signal line). Stochastic, having approached its highs, reversed into a horizontal plane, indicating risks of overbought instrument in the ultra-short term.
Correctional decline is possible in the ultra-short term. Some of the existing long positions should be kept open for some time.
Resistance levels: 63.39, 64.00, 65.00.
Support levels: 62.67, 62.00, 61.16, 60.00.


Trading tips
To open long positions, one can rely on the breakout of 63.39. Take profit – 65.00. Stop loss – 62.20. Implementation time: 1-2 days.
A rebound from 63.39 as from resistance, followed by a breakdown of 62.67 or 62.30 may become a signal to new sales with the target at 60.00. Stop loss should be placed no further than 64.00. Implementation time: 2-3 days.

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