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UKOUSD trade ideas

Diagonal pattern ???Hello there! I am a big fan of the Elliott Wave Principle, which is very interesting and useful for analyzing the market. I have developed my analytical approach by combining the principle with my personal experience and considering various scenarios that may occur in the market. Although I want to share my analysis with you, I want to emphasize that I do not provide buy or sell signals. My main intention is to share my unbiased analysis so that you can use it as a guide to make informed decisions. To build your confidence in my analysis, I always share my previous analysis of the same market so that you can compare and see the progress. All the details of my analysis are clearly labeled, which should make it easy for you to understand. I hope that my analysis will be helpful in your trading journey and wish you all the best. Sincerely,
OANDA:BCOUSDShort
by Mehdi_Abbasi_EWP
Brent (ICE) may fall to 73.00 - 74.10Pivot 75.70 Our preference Short positions below 75.70 with targets at 74.10 & 73.00 in extension. Alternative scenario Above 75.70 look for further upside with 76.70 & 77.60 as targets. Comment Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. Supports and resistances 77.60 76.70 75.70 74.74 Last 74.10 73.00 72.00 Number of asterisks represents the strength of support and resistance levels.
BLACKBULL:BRENTShort
by Daniel_Thompson
Brent oil prices are flat during early Wednesday tradingBrent oil prices are flat during early Wednesday trading after touching a multi-week low the previous day. Investors remain relatively unmoved by the potential impact that the additional voluntary production cuts agreed by the OPEC+ members will have on the market. Since the last day of November, the price of Brent has dropped more than 6%, showing that the markets’ concerns are tilted towards the demand side, as fears over an economic slowdown gain traction. The recent release of softer-than-expected economic data amplified this sentiment. Still, the downside has been limited by lingering fears of an escalation of the conflict between Israel and Hamas, which could end up disrupting the crucial Middle Eastern supply routes. Against this background, Brent oil prices are likely to continue to find resistance around the 80-dollar level. Ricardo Evangelista – Senior Analyst, ActivTrades
ACTIVTRADES:BRENTShort
by ActivTrades
Brent oil prices hedged up slightly during early Tuesday tradingBrent oil prices hedged up slightly during early Tuesday trading but remain close to the two-week low touched during the previous session. Prices declined on Monday as traders questioned the impact of the additional voluntary production cuts announced by OPEC+ for 2024. With economic activity falling in China and the American economy showing signs of slowing down, the focus of the markets lies on the demand side, with the perspective of a reduction in supply so far failing to lift prices. Still, the downside was capped by simmering tension in the Middle East, with the conflict between Israel and Hamas threatening to escalate following a string of attacks on cargo ships crossing the strategic oil route of the Red Sea. Ricardo Evangelista – Senior Analyst, ActivTrades
ACTIVTRADES:BRENTShort
by ActivTrades
Brent oil prices stabilised during early Friday trading Brent oil prices stabilised during early Friday trading after Thursday’s wild oscillations, which ended up with a daily drop of more than 2.6%. Earlier in the week, investors had been anticipating the agreement amongst OPEC+ countries to reduce output in a dynamic that offered support to the price of the barrel. However, yesterday’s announcement of additional voluntary cuts in oil production, in the order of 900,000 barrels per day, was seen by many as insufficient. With economic activity expected to slow down globally over the next few months and demand expected to fall, yesterday’s production cuts disappointed those who anticipated a more decisive stance from the cartel. Against this background, the risk for oil prices is now tilted to the downside, with the $80 support level likely to be challenged. Ricardo Evangelista – Senior Analyst, ActivTrades
ACTIVTRADES:BRENTShort
by ActivTrades
Today OPEC+ May Announce New Oil Production CutsAccording to WSJ, the reduction could be 1 million barrels per day. Saudi Arabia is in favour of cuts, but the idea causes disagreements among other members of the organisation. In anticipation of news about the OPEC+ decision, the price of oil is rising - this indicates that market participants assess the possibility of new production cuts as quite real, even if we are not talking about 1 million barrels per day. The price is approaching its maximum for November. The Brent oil price chart shows that: → the level of 80 dollars per barrel acts as support. In the twenties, the price dropped to the level more than once, but each time the bulls found the strength to recover; → rising lows A-B-C indicate the predominance of demand around the mentioned psychological level; → the price has been within the descending channel (shown in red) for more than a month, but is trying to consolidate above the median line. This is another sign of the bulls' persistence. However, it should be recognized that the current bullish sentiment could easily change if OPEC+ fails to reach a consensus on significant restrictions on oil production aimed at supporting commodity prices. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XBRUSD
by FXOpen
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