BRNUSD

The BRN/USD pair experienced an upward momentum last week due to sanctions on Russia and Iran triggering supply shortage concerns, expectations of stimulus in China, and rate cut processes by major central banks. However, as the new week began with profit-taking, it started trading at a lower level due to rollover. During the day, the direction of European and US stock markets and PMI data could be decisive for the pair's direction. Additionally, retail sales data in China coming in lower than expected is creating pressure in Asian markets, while expectations for the Fed's rate cut remain one of the notable points on the agenda.

Technically, the BRN/USD pair is trading just above the 73.50 support level. As long as it stays above the 73.00 – 73.50 support zone, an upward trend may be observed. In potential rises, the 74.00 and 74.50 resistance levels could be targeted. In downward movements, if there are sustained closures below the 73.00 level, the 72.50 and 72.00 levels could come into focus. The RSI indicator is at 48, presenting a neutral outlook. The pair has experienced a 0.09% decrease compared to the previous day.