OIL Forex Analysis for Today, Friday (05-07-2024)

OIL Forex Analysis for Today, Friday (05-07-2024)

OIL Forex Analysis for Today, Friday (05-07-2024)

Potential BUY OIL: Wedge Pattern Confirmed

Analysis CLSK

Market Awaits US NFP

Crude oil prices rebounded following deteriorating US economic data. Economic slowdown raises concerns about demand reduction, but on the other hand, a Fed rate cut could boost demand by potentially revitalizing the economy. The US NFP data tonight is one of the key data points awaited by the market.

Continued Bullish Falling Wedge Pattern

Prices rose after the bullish falling wedge pattern was confirmed. Buying opportunities can be sought again if there is a correction back to the uptrend line area, which is still visible on the H1 time frame.

Prediction: Strong OIL

Resistance

  • R1 82.35
  • R2 84.35
  • R3 85.50
  • R4 86.55

Support

  • S1 85.00
  • S2 84.00
  • S3 83.00
  • S4 82.00
JustMarkets

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.


 forex analysis | gbpjpy forecast | eur chf forecast | gbp usd forecast | best forex prediction site | top down analysis forex | gbp usd forecast | xau usd forecast

Leave a Reply

Your email address will not be published. Required fields are marked *