Brent Oil Forecast: Potential Price Rise Ahead

The price of Brent oil confidently broke the level of 75.70, signifying the formation of the double bottom. This pattern always marks the beginning of the trend reversal. Should the price of this asset manage to rise above the broken neckline, it could reinforce the true breakout. In any case, it looks like Brent oil might potentially rebound to the broken neckline, pull back, rise, and target the price of 84 USD per barrel. Let’s observe whether this scenario might work out soon.

The yield of German 10-Year Government Bonds is gradually getting back to track after testing the level of 3.6%. The next target would be the downtrend and horizontal level of 4.2%. The price of the bonds might either break these technical trendlines through or rebound from them. However, it would also be quite interesting to follow the price movements next to these lines to forecast the upcoming market sentiment. Remember that the price of bonds always goes down when their yield goes up and vice versa. So, the course of action will become clear at the beginning of the trading week.

The price of the Canadian dollar rebounded from the supporting level of 1.3440 and jumped. However, the asset’s price will have to face resistance at the level of 1.3647 without breaking it right away. So, this time around, the price of the Canadian dollar is likely to rebound and drop. Although it is also possible that the asset’s price would break this resistance, rise and target the resistance level of 1.3846. In any case, it would be very important to follow the price movements and possible candlestick formations such as a shooting star or bearish engulfing next to the level of 1.3647. It would help us understand what the next price movement of the currency pair USD/CAD could be.

The cross rate of the currency pair GBP/CHF has formed an engulfing at the end of the trading week. Also, it rebounded from a very strong horizontal level of 1.1220, which coincides with the middle point of the latest descending move, that is, 50% Fibonacci retracement. It is also noteworthy that the price of this currency pair has pulled back from the uptrend, signifying potential continuation of the ascending trend. All in all, the price of the currency pair GBP/CHF is likely to rise and target the level of 1.1630 at the beginning of the next trading week. So, let’s observe what might happen next.

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