BRENT: Buy Dips Above $63

WTI is one of the many commodities we can consider for bullish setups whilst the US Dollar remains on the back foot.

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Near-term price action remains confined within a narrow bullish channel with a couple of zones of support to consider bullish setups.

​The US Dollar has begun the week on the back foot and we could well see it remain a weaker bias leading up to FOMC statement, which should help support WTI towards the anticipated $67 target.

Of particular interest to me is the zone between $63.19 and $63.72, as this houses the 50 period MA, Monthly R2 and February highs. Current price action suggests we could well see a deeper retracement and this is an area I’ll be monitoring for basing patterns, to re-join the near-term bullish trend.

A downside break of the bullish channel could warn of a much deeper retracement towards the $60 but for this to occur I would expect to see DXY rally strongly from current lows.

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