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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the Brent Oil (UKOUSD) for 3rd October 2023.
Key Point: The lifting of the U.S. government shutdown crisis, coupled with robust PMI data, has driven the U.S. dollar index to 107, a level not seen since November last year. This surge in the dollar’s strength has led to a sharp decline in non-U.S. currencies and a corresponding dip in crude oil prices, reaching three-week lows.
( Daily chart of BRENT OIL, source: Ultima Markets MT4)
Key Point: The daily chart reveals a rapid decline in crude oil prices, signaling a strong bearish trend.
Key Point: Stochastic oscillator technical indicators suggest a divergence from market prices, indicating a high probability of short-term bearishness.
(1hour chart of BRENT OIL, source: Ultima Markets MT4)
Key Point: Recent significant volatility is observed on the 1-hour chart, with the ATR combination indicator signaling an effective breakthrough. Traders should exercise caution and monitor entry opportunities.
(1-hour chart of BRENT OIL, source: Ultima Markets MT4)
Key Point: According to the pivot indicator in Ultima Markets’ MT4 platform, the central price of the day stands at 92.210. Technical outlook:
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