Technical Analysis: Brent Crude Oil – AUD/USD

Brent Crude Oil

Oil prices are seen to be falling due to the remaining demand and supply disbalance in the oil market world; the prices have dropped to the level of 7-months minimums at 45.58. Yesterday’s data from API demonstrated the reduction of US reserve by 2.25 mln barrels within one week but didn’t manage to give Brent any substantial support.



Support and resistance

Support levels: 45.98, 44.61, 43.52.
Resistance levels: 46.31, 47.00, 48.01.

AUD/USD:

In the end of the previous week, AUD merged in view of surprisingly positive date from the Australian labour market. The pair broke through the psychologically important level of 0.7500 and the upper border of the 6-weeks upward channel. After the FOMC member statements strengthened the American dollar, the pair consolidated between 0.7570 and 0.7630. The main predictions for the next couple of days is the weakening of the pair.



Support and resistance

Support levels: 0.7530, 0.7490, 0.7440.
Resistance levels: 0.7570, 0.7630, 0.7680.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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