USOUSD posted a weekly decline of 7.30% and ended the week below $100 a barrel for the first time since early April over escalating concerns of an economic slowdown.
This week, the USOUSD might move slightly lower, with the Stochastic Indicator showing a more downward movement going to the oversold level. We expect USOUSD to move to our Support Levels and near a 50-candle Moving Average before returning.
Our Weekly Resistance Levels are at 102.90 and 109.67, with Support Levels at 88.37 and 83.70.
In the H4 Timeframe, we see that the price starts moving below our Moving Averages. It is now below the 50 and 200-candle Moving Averages and trying to move below the 20-price Moving Average. The Stochastic Indicator shows reverse from overbought level, showing that lower movement is in place.
Our H4 Resistance Levels are at 95.02 and 95.74, with Support Levels at 92.51, 91.76 and 89.51.
US stocks dropped as red-hot inflation data prompted worries that the nation was heading towards a recession. NAS100 closed lower by 1.01%.
This week, we expect positive movement from NAS100, as seen in the weekly Timeframe. Our Stochastic Indicator shows a higher trend, with the price rejected for some weeks by the 200-candle Moving Average while still below the 20 and 50-candle Moving Averages, indicating that the increased movement is still limited.
Our Weekly Resistance levels are at 12896 and 13349, with Support Levels at 11505 and 11255.
In our H4 Timeframe, we can see that our Stochastic Indicator shows a stronger movement but inside the overbought level, which is expected to go slightly higher before the reversal, with price moving above 20, 50, and 200-candle Moving Averages.
Our H4 Resistance Levels are at 12132 and 12193, while Support Levels are at 11842 and 11726.
The Dow (DJ30) was also down, closing lower by 0.13%.
As seen in the Weekly Timeframe, we can expect some higher movement in DJ30. Our Stochastic Indicator showed a higher movement and was rejected for a few weeks by the 200-candle Moving Average while still below the 20 and 50-candle Moving Averages.
Our Weekly Resistance Levels are at 31882 and 32536, with Support Levels at 31076 and 30604.
In our H4 Timeframe, we can see that our Stochastic Indicator shows a stronger movement but in the overbought levels, which might go higher with a potential reversal. The price is trying to break above the 200-candle Moving Average, supported by 20 and 50-candle Moving Averages.
We can see a possible higher movement towards Resistance before moving back lower.
Our H4 Resistance Levels are at 31483 and 31636, while Support Levels are at 31177 and 31072.