If oil prices push higher above 81$, they will prop the dollar in the medium term. Higher oil prices will influence inflation globally. Central Banks particularly the Fed might not cut rates until the later part of 2024. Fed Chair has already echoed these words citing that fed cuts are years away.
Once oil adds onto that equation, we might see a possible rate hike in 2024.
On the monthly charts, we have a consolidation around a strong demand level.
On the weekly timeframe we do not have a clear direction though the market seems to be pushing higher to mitigate inefficiencies at the 107-115 levels.
Dropping down to the 4 hour chart, we have a bullish bias targeting 77-90 levels.
Change of character plus flip zones in addition to multiple break of structures inform our bullish bias.
Once oil adds onto that equation, we might see a possible rate hike in 2024.
On the monthly charts, we have a consolidation around a strong demand level.
On the weekly timeframe we do not have a clear direction though the market seems to be pushing higher to mitigate inefficiencies at the 107-115 levels.
Dropping down to the 4 hour chart, we have a bullish bias targeting 77-90 levels.
Change of character plus flip zones in addition to multiple break of structures inform our bullish bias.
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