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EUR/USD Rate Forecast: Euro Rebound Emerges After Defending 2021 Low
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Gold Price Forecast: XAU/USD Consolidates Ahead of New Push Lower
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Japanese Yen Outlook: USD/JPY May Fall But Broader Path Remains Bullish
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US Dollar Price Action Setups: GBP/USD, USD/JPY, AUD/JPY
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Crude Fails to Crack Channel but Former Highs Now Support

Crude Fails to Crack Channel but Former Highs Now Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Fails to Crack Channel but Former Highs Now Support

Prepared by Jamie Saettele, CMT

“Crude traded flat in April in what may be accumulation. Like gold, exceeding April’s high would put bulls firmly in control towards the tentative channel resistance above 10600.” Crude did take out April’s high and did reach the confluence of channel resistance and the 100% extension of the rally from the low. A push above channel resistance is needed to get excited about bullish prospects.

Ideas:

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