This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

why oil prices are important in forex

Technical

Daily: The sell-off from October 4 highs has continued. A combination of strong dollar and over-supply has resulted in a 35% fall in prices over a 2 month period. Support was found at the 78.6% Fibonacci retracement although the reaction higher from here has been capped close to the $54 mark. Support remains rather fragile looking despite talk of OPEC cutting supply.

4-Hour: Although the market looks ripe for a correction the 4-hour chart is forming a potential double top. A break of $52 would confirm this and set-up a re-test of the $49.50 level ( recent low reaction area).

We look to Sell a break of 52.00

Stop: 53.00

Targets: 50.00 and 49.50

The post Oil rallies continue to attract sellers appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Tagged on: