The Brent crude hitting a higher high
![UKOIL chart: Brent crude resumes upward momentum, aiming for $100, with support at 84.00 and hurdle at 90.00.](https://assets.iorbex.com/blog/wp-content/uploads/2024/03/22111327/UKOIL-chart-22-3-2024.png)
![UKOIL chart: Brent crude resumes upward momentum, aiming for $100, with support at 84.00 and hurdle at 90.00.](https://assets.iorbex.com/blog/wp-content/uploads/2024/03/22111327/UKOIL-chart-22-3-2024.png)
The Brent crude resumed the upward momentum as the current outlook for black gold shows further demand. Heightened geopolitical tensions, steady demand growth, and OPEC+ extending cuts until at least the end of this quarter boosted the rally. With continued declines in inventories, analysts are predicting another test towards $100 soon. 90.00 will be a fresh hurdle for bulls to overcome, with 84.00 as support.
EURUSD looking for the next peak
The euro rallied after the latest economic projections from the Fed. With inflation slowly heading to the 2% target, interest rates were unchanged for the fifth consecutive time. The panel also said it expects three 75-basis point cuts by the end of the year. However, some analysts are unconvinced, with the prediction that interest rates will be left on hold until the end of the year. As the speculation rumbles on, the next FOMC should be eventful. The chart shows that 1.0840 is the closest support and 1.0975 is the resistance ahead.
AUDUSD dovish shift for the RBA
The Australian dollar steadied after the recent Fed news release. With a dovish RBA also maintaining its cash rate, economists have hoped to see inflation at a peak. Whilst officials have downplayed the impact of stress in the global banking system, liquidity concerns could still influence monetary policy. The minutes from the March meeting showed that the central bank is pleased with inflation data continuing to ease. The pair is retracing towards 0.6500, with 0.6670 being a fresh resistance.
NAS100 another record coming up
The Nasdaq 100 and most stock market indices rallied as investors cheered the prospect of multiple rate cuts. The index looks for another record high as bulls look to shrug off the expectation of a deep correction. While Powell reiterated the possibility of cutting rates, market participants remain hopeful that future data would give the Fed more momentum to cut sooner rather than later. The index tests the next high around 18400, and 17600 remains a crucial support.