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USOUSD | Price Analysis, Trendline Break and Market Dynamics | Commodities

Published: 23.10.2023
by Joseph Jeffriess

Today’s focus: USOUSD

Pattern – LH after Trend Break
Support – 86.84 – 88.00
Resistance – 90.60

Today, we direct our attention to the USOUSD on the daily chart, as we continue to watch the price after it broke the last trendline. So far, we have a new LH after the break, with the price continuing to push lower in today’s session.

Will we see further selling confirm the LH trend break pattern? The price will have to beat support to make this happen; otherwise, a new hold at support and break of resistance could suggest buyers are going to form a new leg up.

We will continue to watch seller momentum today; also, check out the USOUSD, as it may try to make a new push higher, and Crypto, as it continues to push higher into the new week.

https://www.tradingview.com/chart/USOUSD/efZYLVS2-Oil-Thoughts-and-Analysis/

Good trading.


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