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We maintained a neutral stance in our previous report due to conflicting technical signals, clarifying that a steady break above the key resistance level at 68.00 could provide additional support for the upward movement. This has already happened, with the price successfully reaching 68.87.
Technical Outlook – 4-Hour Timeframe:
The price is currently moving along an ascending trend line, while the simple moving averages continue to provide dynamic support, reinforcing the temporary positive bias. Conversely, we note the emergence of gradual signs of weakness on the Relative Strength Index (RSI), which could limit the price’s ability to extend immediate gains.
Therefore, given the continued divergence of technical indicators, we recommend closely monitoring price action, with one of the following two scenarios likely:
The Positive Scenario:
If a break above the 68.70 resistance level is confirmed, this would enhance the chances of extending the upward movement towards 69.70 as the first target, with gains potentially extending to 70.45 as the next stop.
Negative Scenario:
If the price fails to surpass 68.70, accompanied by an actual break of the 67.25 support level, selling pressure may resume the downward trend, targeting 66.60 first, then 65.90 as the next support level.
Reminder: Today, we are awaiting the release of highly influential economic data on the US economy (the Federal Reserve meeting minutes), and we may witness high price volatility when the news is released.
Warning: The risk level is high amid ongoing trade and geopolitical tensions, and all scenarios are possible.
Caution: In the context of ongoing global trade tensions and broader economic uncertainty, volatility may remain elevated. Manage risk accordingly, as all outcomes remain on the table.
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