BRNUSD

Crude oil futures are trending sideways as they remain under pressure due to speculation of an anticipated surplus supply for next year. Developments in the European and US stock markets can be monitored throughout the day. The decline in the dollar index and recovery efforts in Asian markets have a limited impact on oil prices. While retail sales data in the US exceeded expectations, Fed Chairman Powell's statements indicating no rush to cut interest rates are also being closely watched by the markets.

In the BRNUSD chart, the 71.50 and 71.00 levels are monitored as support, while the 72.50 - 73.00 range stands out as an important resistance zone. On the hourly chart, upward movements might encounter potential resistance at the 73.50 and 74.00 levels. The RSI indicator is at 40, exhibiting a negative outlook. The pair has recorded a decline of 0.64% compared to the previous day, indicating that the downward pressure is continuing. It's important to note that unless hourly closes are seen above the 73.00 level, the downward trend might persist.