Authored by TD Markets
In the ever-volatile world of crude oil, one name consistently stands out - Brent. Investors and analysts alike keep a close watch on Brent Crude, and for good reason. It often serves as a barometer for the global oil market. In this blog, we'll delve into the recent resurgence of Brent Crude and what buyers can expect as the next hurdle.
The BRENT Oil Performance
We took a peek at this update for August 2, 2023. We took our winnings and moved on to the resistance at 87.05. We've now retraced our steps and pushed back up. Traders should be searching for positions since we may see a regression back to where we broke up. The goal is set at 94.60. Please keep in mind that this is not advice, but rather assistance that might help customers make better-educated decisions on their own.
The EURNZD Performance
We took a break on August 31st since the price was approaching a previously broken level. We've lost significantly since our last report, hitting but falling short of our objective by roughly 9 pips. Traders should exit this pair right away. Please keep in mind that this is not advice, but rather information to help customers make better decisions on their own.
The GBPCHF Performance
The price has been stabilising on the monthly and weekly timeframes; we provided an update on this pair on August 17th. Price point 1.11233 appears to have provided support. Moreover, the inner and outer trend lines have both been crossed.
The resistance level of 1.11769 was also breached. Traders bought, but the price fell back to the region of the breakthrough, although it appears to have risen again last week. This week's daily candle will be a greater follow-through for us to pursue the purchase position. The price targets are 1.13049 (TP1) and 1.14148 (TP2).
Read More: Traders Are Bullish On the AUD & NZD
Final Thoughts On Today's Analysis
Brent Crude's return to the limelight is a testament to the dynamic nature of the global oil market. While it presents opportunities for oil-producing nations, buyers must be prepared to face the challenge of rising prices. By adopting smart strategies and staying attuned to market dynamics, buyers can navigate this next resistance with confidence. Subscribe to our YouTube channel today for more analysis.
