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Brent surrenders gains on strong US dollar

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Brent oil surrendered gains and is threatening to fall into losses as US dollar appears to be on a recovery mode ahead of the weekend.

    Futures currently trade around largely unchanged on the day around $41.30/barrel. Bullish momentum ran out of steam at a session high of $41.66 levels as the USD index ticked higher as bears squared off shorts ahead of the weekend.

    Oil is likely to continue tracking the movement in the USD index ahead of the US oil rig count figures.

    Brent Technical Levels

    The immediate hurdle is seen at $41 (Mar 11 high), under which futures could test support at $40.39 (previous day’s low) and $39.56 (falling trend line support). On the other hand, a break above $41.66 (daily low) would expose $42.19 (Aug 24 low) and $43.13 (Nov 16 low).
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