Hey Valutraders! Did you see the big jump in the Australian Dollar today?
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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at WTI (USOil), AUDJPY, EURAUD, GBPAUD, and AUDUSD.
Yesterday we looked at all the Central Banks announcing Interest Rates this week, and the consensus was “No increase” in Australia.
This is what happens when analysts get it wrong and the RBA did, in fact, raise rates.
As well, yesterday, we looked at how to trade big moves against the trend.
Here we have GBPAUD where price action broke the neckline on this head and shoulders pattern and is falling toward this lower trend line.
As well the Stochastic Oscillator is oversold.
Another option would be EURAUD where we have a similar technical setup, but we have an ECB Interest Rate decision on Thursday, where we expect a rate hike and a stronger EUR.
AUDJPY is less certain as we have the classic strong vs weak battle but we still might see price action going higher to this key level at 93 yen.
We are still in an uptrend and the Stochastic Oscillator still may go higher as well.
If you are a Fibonacci fan, you will see this level of resistance at 50%.
We are still monitoring this Falling Wedge on WTI and we note that price is at $75.80 where price action jumped this gap.
We also note the significance of the Fibonacci levels, including the gap, subsequent resistance, the current price, and this current level of support at 50%.
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