BRNUSD

Following the new sanctions imposed by the US on Russia, there was an observed rise in oil prices. However, on Tuesday, due to profit-taking, prices experienced a limited pullback. Although the search for alternative markets by China and India is on the agenda, China's weak demand may limit these effects. The trend in European and US stock markets may also influence oil prices. US PPI data and speeches by Fed officials are closely monitored by the markets and could be decisive for pricing.

Technically, the BRNUSD pair is trading above the 80.00 – 80.50 support levels. As long as it remains above these levels, an upward movement seems prominent. In potential upward movements, the resistance levels of 81.00 and 81.50 may be monitored. However, the pair is currently trading at 79.795 and is exhibiting a 0.56% decrease. The RSI indicator displays a neutral outlook. In downward movements, if the 80.00 - 80.50 support zone is breached, the levels of 79.50 and 79.00 may come into focus.