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Brent trims gains, trades quiet above 5-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Brent oil prices erased the moderate gains seen in Asia, but trades flat above its 5-DMA located at USD 34.11.

    Low liquidity in Asia

    Prices witnessed moderate gains amid low liquidity environment due to the Lunar New Year holiday in China. Trading activity could regain pace in Europe and US session, although the low volumes could be seen in Asia in the next week as well.

    Oil traders now await the US non-farm payrolls figure which could alter market expectations regarding the Fed rate hike and make or break the US dollar.

    Brent Technical Levels

    The futures currently trade around USD 34.20/barrel. The immediate resistance is seen at 34.73, above which the prices could test 36.03 (50-DMA). On the other hand, a break below 34.11 (5-DMA) could see the prices slide to 33.58 (10-DMA).
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