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Forex Analysis & Reviews: 13.05.2022

Relevance up to 08:00 2022-05-16 UTC + 00

Although prices dipped after reaching the local high of 108.00, the trend in the oil market remains bullish as growing risk appetite and current geopolitical tensions will support oil, especially amid fears of supply shortage.

technical picture:

The quote is currently above the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. The relative strength index (RSI), meanwhile, is above 50%, but indicates a weakening of growth, while the stochastic indicator is in the overbought zone.

Possible dynamics:

An increase above 107.50 will most likely lead to a further rise to 110.90.

Exchange Rates 13.05.2022 analysis

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Pati Gani,
Analytical expert of InstaForex
© 2007-2022

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