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UK Oil - Drops Sharply to Three Month Low on Supply Tensions

 

 
The last week has seen oil drop very sharply down through any support level at $75 down to a three month low around $71 in the last 24 hours. For the last couple of months oil had established a trading range between the two key levels of $75 and $80, with the former offering reasonable support during that time. Its sudden drop in the last week is significant because of the $75 level and it will be interesting to see whether this level now provides some resistance should oil rally.
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Market Blast Video - 17.07.2018

WTI has been dropping for a few days now but watch this lower trend line and definitely watch this week’s oil inventories and rig count reports.

Uncharacteristically, the Canadian Dollar seems to be defying the price of oil and is at a lower trend line as well.

A break lower could see the next key level at $1.29.2.

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EURUSD - Hovering Around Key Level of 1.17

 

 
The last week has seen the trading range of the EURUSD tighten to right around the current key level of 1.17. The further this tightening continues for, the more likely we may see an explosion of price in one direction or the other. Just prior in the last few weeks the EURUSD started to consolidate in a narrow trading range roughly between 1.15 and resistance at 1.17. In early June the EURUSD rallied well and moved back above 1.18 before it experienced a sharp drop down to a near 12 month low just above 1.15. The 1.17 level has been significant previously providing a measure of support late last year so it should come as no surprise that it is recently provided some resistance to the EURUSD and is now an area of interest.
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US30 - Challenging Resistance at 25000 after Recent Rally

 

 
The US30 index has enjoyed a strong rally over the last week returning to the current key level of 25000 which has rejected the index on a number of occasions throughout this year. Before the rally the index spent several days consolidating above 24000 after a strong fall over several weeks. The fall saw the index move sharply lower from a three month high above the resistance level at 25000 down to a near two month low a couple of weeks ago. The 25000 has been significant for the last few months as it has offered resistance during that time. For the last few months the US30 index has established and traded with a range mainly between support at 23500 and resistance at 25000. The support at 23500 has also been quite strong during the last few months.
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AUDUSD - Rejected at Resistance around 0.75

 

 
In the last few days the AUDUSD has been rejected at the previous key level of 0.75 which has previously propped up the currency pair before being broken last month. Throughout June the AUDUSD has dropped very sharply from a one month high above the key 0.7650 level down to a new 12 month low around 0.7310 a couple of weeks ago. In the couple of weeks prior to this sharp drop, the AUDUSD has enjoyed some much needed support from the key 0.75 level. It was only in early May that the AUDUSD was trading below this level and looking poised to continue much lower, so it did well to rally higher and get back above the 0.75 level.
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BTCUSD - Attempting to Keep Head Above Water at $6500

 

 
The last few weeks have seen Bitcoin (BTCUSD) attempting to rally higher from just below the reasonably solid support level around $6500. It has stuck its head back above the $6500 level a few times however it has struggled and has eased lower again in the last few days. The gains however have been relatively minor when compared to the price action prior. For the last couple of months Bitcoin has fallen strongly losing almost 40% of its value in that short period, from the peak near $1000 in early May to its recent trading levels just below $6500.
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XAUUSD - Looking for Support at $1240 Again on Strong Dollar

 

 
In the last 24 hours gold has dropped sharply back to the key support level at $1240 which has been a steady rock of support in the last 12 months. It had done well in the last week to rally off the support level at $1240 when it dropped there a couple of weeks ago. In the couple of weeks prior to the first touch of $1240, gold had dropped sharply to fall to a new low for 2018 below $1240. Just prior to the sharp drop in the 2nd half of June, gold was quite content to trade within a narrow range and consolidate above the $1290 level, up to around $1310.
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USDJPY - Resistance at 111 Tested Again After BOJ Regional Update

 

 
In the last couple of weeks the USDJPY has rallied slowly back to the key resistance level at 111 and tested it on multiple occasions attempting to move higher. It has been rejected on every occasion including in the last 24 hours again as this level stands tall for the time being. In early June the USDJPY rallied well from a one month low near 108 up to the resistance level. Towards the end of May the USDJPY reached a four month high above 111 before falling sharply in the week after and after forming a few solid reversal candlesticks around the recent peak.
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Market Blast Video - 10.07.2018

Welcome to this week’s Valutrades Market Blast!

 

All eyes are on the UK Pound with the government in London in turmoil.

 

The Brexit minister resigned over the weekend and the price gapped and strengthened.

 

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GBPUSD - Holds Above 1.32 on Mounting Brexit Crisis

 

 
In the last week the GBPUSD has rallied well from lows below 1.31 back up to above 1.33 although it has been quite volatile in the last 24 hours. It has bounced off the support level at 1.32 during the last 24 hours which has previously propped the GBPUSD up. In the few weeks prior to last week’s rally, the GBPUSD had eased lower back to the key support level at 1.32 and then lower on its way to potential support at 1.30. In doing so it traded to an eight month low around 1.3050. The 1.32 level has been key for the last month propping up the currency pair a couple of times before being recently broken.
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