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BRENT oil forecast for the week of April 5-9

Brent crude oil quotes closed the trading week near the area of 64.62 USD per barrel and it continues to move within the correction and the ascending channel. Moving averages indicate a bullish trend. Prices moved up from the area between the signal lines, which indicates pressure from buyers of raw materials and a potential continuation of the rise. At the moment, I should expect an attempt to develop a fall and test the support area near the level of $57.35. Then, a rebound and continued growth of oil in the area above the level of 88.55 US Dollars per barrel.

An additional signal in favor of the rise in oil prices this week will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the ascending channel. The cancellation of the option of growth of quotations and prices for BRENT oil in the trading week of April 5-9, 2021 will be a fall and a breakdown of the level of 46.55 USD. This will indicate the breakdown of the support area and the continuation of the fall of oil to the area below the level of 40.55 USD. With the breakdown of the resistance area and the closing of quotations above the level of 75.55 USD, we should expect confirmation of the growth of the price of BRENT oil, as we see, until this level is broken.

 

BRENT crude oil forecast for the week of April 5-9, 2021

 

Thus, the BRENT oil trading forecast for the week of April 5 - 9, 2021 suggests an attempt to test the support area near the level of 57.35 USD. From where we should expect a rebound and an attempt to increase oil with a potential target at 88.55 USD. An additional signal in favor of an increase in the oil price will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a drop in the price and a breakdown of the area of 46.55 USD. This will indicate the breakdown of the support area and the continuation of the decline in the oil price with a target below $40.55.

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USD/CAD Canadian Dollar forex forecast for May 11, 2021
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USD/JPY Yen Forex forecast for May 11, 2021
The Dollar Yen USD/JPY forex currency pair quotes continue to move within the fall and the formation of the bullish "Wolf Wave" model. At the time of the forecast publication, the US Dollar exchange rate against the Japanese Yen is 108.71. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are testing the area between the signal lines again, which indicates pressure from US Dollar buyers and a potential continuation of price growth from current levels. As part of the forecast of the Japanese Yen for May 11, 2021, we should expect an attempt to develop a downward correction and test the support area near the level of 106.95. Further, a rebound and continued growth of the USD/JPY pair in the area above the level of 110.45. USD/JPY Yen Forex forecast for May 11, 2021 An additional signal in favor of the growth of the USD/JPY currency pair will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower boundary of the bullish Wolf Wave pattern. The cancellation of the option of lifting the Dollar Yen currency pair will be a fall and a breakdown of the level of 105.15. This will indicate a breakdown of the support area and a continuation of the fall of the Dollar Yen pair. In this case, we should expect a continuation of the pair's decline to the area below the level of 102.45. With the breakdown of the resistance area and the closing of quotes above the level of 109.05, we should expect confirmation of the development of a bullish movement in the pair. USD/JPY Yen Forex forecast for May 11, 2021 Important news from Japan, which may affect the exchange rate of the USD/JPY pair, is not expected, so the pair will continue to move within the framework of technical analysis.Thus, the USD/JPY forex forecast for the Dollar Yen on May 11, 2021 suggests an attempt to test the support area near the level of 106.95. Then, the continuation of the growth of quotations in the area above the level of 110.45. The trend line test on the relative strength indicator will be in favor of the pair's rise. The cancellation of the growth option will be a fall and a breakdown of the area of 105.15. This will indicate a breakdown of the support level and a continuation of the fall for the pair with a potential target below the level of 102.45.
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09.05.2021 Avatar TorForex Read
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09.05.2021 Avatar TorForex Read
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