Midday update for Brent oil 22-01-2018

Crude oil price shows some slight bearish bias after testing the correctional bearish channel’s resistance, accompanied by stochastic move near the overbought areas, reinforcing the expectations of continuing the correctional bearish trend that its targets begin by breaking 62.80 level to confirm opening the way to head towards 61.50, taking into considartion that breaching 63.80 will motivate the price to start recovery attempts and regain the main bullish trend again.

Gold price trades positively after retesting the previously breached resistance of the bullish flag pattern that appears on the chart, noticing that stochastic prepares to provide positive overlapping signal on the four hours’ time frame, which supports the continuation of our bullish overview for the rest of the day, waiting to test the previously recorded top at 1357.50 as a first station, reminding you that holding above 1321.40 represents key condition to continue the expected bullish trend.

The GBPUSD pair resumes its positive trading after the slight decline that it witnessed recently, reinforcing the expectations of continuing the overall bullish trend, which its targets begin by testing the psychological barrier at 1.4000 and extend to 1.4125 after breaching the previous level, taking into consideration that holding above 1.3825 represents key condition to continue the suggested bullish trend.