Brent Crude Oil forming double bottom on supply concerns – PMIs in focus tomorrow [Video]
|![Brent Crude Oil forming double bottom on supply concerns – PMIs in focus tomorrow [Video]](https://editorial.fxsstatic.com/images/i/West-Texas-Intermediate_1_Small.png)
In today’s GCI Market Outlook let’s take a look at Forex Trading on Gold, XAUUSD, EURUSD, EURGBP, and Brent Crude Oil.
If we look at Brent Crude from the technical standpoint we see that price action is slightly bullish and may be forming a double bottom.
The reason for this rise is based on possible supply issues and we will watch to see if price breaks the neckline.
However, geopolitical events may take precedence over technicals with the uncertain situation between Ukraine and Russia.
Watch this space!
We can see from the charts that EUR is the weakest currency right now falling against all others.
The ECB lowered Interest Rates at the end of January and uncertainty over Ukraine is stalling growth.
We will be watching this week’s PMIs to get a better view of the economy.
Also, the US and the UK will have PMIs tomorrow.
We are seeing strength in GBP as inflation came in higher than expected, especially against EUR.
If we zoom out to lower time frames, we see an ascending triangle and a stochastic oscillator overbought and turning down.
Gold keeps on going higher and we are now at $2,942. Again, political uncertainty and central bank purchases have supported this level. Meanwhile, we will watch MACD for a hint of any bearish technical signals.
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