Oil: Inability to overcome $72.75 can lead to persistence in decline – Societe Generale
Source Fxstreet
Brent recently revisited the low of last September at $68.70 resulting in a brief rebound, Societe Generale's FX analysts report.
Break below $70.00 can highlight possibility of one more down leg
"It is now challenging a multi-month descending trend line at $72.75 which could be an interim resistance. It will be interesting to see if Brent can establish beyond this hurdle; this cross is crucial for confirming extension in ongoing rebound."
"Inability to overcome $72.75 can lead to persistence in decline. Break below last week low of $70.00 could highlight possibility of one more down leg."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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AUD/USD holds ground near 0.6700 due to cautious RBA toneAUD/USD moves little after two days of gains, hovering around 0.6700 during the Asian hours on Friday. The pair steadies as the Australian Dollar (AUD) receives support amid cautious sentiment surrounding the Reserve Bank of Australia’s (RBA) policy outlook.
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