Happy Tuesday, dear traders. Today, we are providing a technical analysis of the XBRUSD market. Let’s dive into the analysis.
XBRUSD Market Outlook|XBRUSD Trading signal by Guriforex for September 10, 2024:
On the 4-hour chart (H4), XBRUSD (Brent Crude) has been moving within a downward channel, signaling a continuation of the short-term bearish trend. The price has now reached the 161.8 Fibonacci support level, which is a critical point for traders. Meanwhile, a divergence has formed on the RSI, hinting at a potential reversal or at least a slowdown in the bearish momentum.
📊 Technical Overview
- Downward Channel: XBRUSD is trending lower within a clearly defined downward channel. The price is now testing the 161.8 Fibonacci support. This level could act as a strong base for a rebound. However, if the support is broken, further declines may follow. The next moves will depend on whether buyers defend this crucial level.
- RSI Divergence: The RSI divergence indicates that, despite the price falling, selling momentum might be weakening. This signals a potential shift soon. A bounce could occur as buyers gain strength. Alternatively, the market might enter a consolidation phase. The upcoming movement will depend on whether bulls can capitalize on this weakening momentum.
🔍 Key Levels to Watch
- Bearish Scenario: If bears manage to push the price under the 70.80 support, a drop could follow. The next target would be 68.10, marking a further decline. This move would indicate a continuation of the ongoing downtrend. Sellers might gain more control in this scenario. A breakdown of support could accelerate bearish momentum.
- Bullish Scenario: If the price breaks above the trend line and surpasses the 72.00 resistance, it could rise further. A move toward 75.30 may then occur, signaling potential strength. This breakout would suggest that bearish pressure is weakening. Bulls could start gaining control in the market. A shift in momentum might favor buyers in this scenario.
💬 Let’s Watch the Market! What’s your take on XBRUSD? Will the bears push it further down, or will we see a reversal?
Share your thoughts in the comments about this analysis and let’s see how the market unfolds! 📈📉