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AUD in Focus. USDCNH in Bearish Trend.


Welcome to this week’s Market Blast Technicals where we will look at USDCNH, EURCAD, WTI (US Oil), USDCAD, Gold (XAUUSD), AUDUSD and AUDNZD.


If you caught yesterday’s Fundamentals video, we promised to look at the Australian Dollar from a technical standpoint today.Screenshot 2020-09-29 at 10.53.51

We have been watching this bearish trend in AUDNZD and price has just touched the upper trend line and the Stochastic Oscillator on the H4 chart has just reversed from Overbought.

Also, we see that price is at the 50% Fibonacci retracement level.Screenshot 2020-09-29 at 10.54.17

On the other hand, price action on AUDUSD is forming a Double Bottom and we see that it is ranging between the 50% and 61.8% Fibonacci levels.

Other AUD pairs, like AUDJPY, have formed Double Bottoms and have already broken the neckline but watch for contrary signals like this Overbought signal on the Stochastic Oscillator.Screenshot 2020-09-29 at 10.54.28

Gold has broken out of its symmetrical pennant, which we saw in an earlier video, and is now consolidating but we see an Overbought signal here as well.Screenshot 2020-09-29 at 10.54.44

Looking at the Daily chart on USDCAD we see price action retracing to the 23.6% Fibonacci level and Stochastic showing Overbought.

We see Canadian Dollar weakness based on the price of Crude Oil and on EURCAD we are watching this rising wedge which is often a bearish consolidation pattern.

WTI is consolidating but we see higher lows over the past month but be aware that both US Oil and UK Oil pricing is a fundamental story these days.

And, finally, looking at the Daily chart on USDCNH, we see price touching this upper trend line and Stochastics showing an Overbought signal.

That’s all for now.  Happy trading with Valutrades and we will see you next week.

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The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.