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Have you been watching this on AUDUSD?
I’m Brad Alexander and in this week’s Market Blast Technicals we’ll take a look at the S&P 500 (US500), GBPCAD, and AUDUSD.
Yes, AUDUSD seems to be consolidating into this Symmetrical Pennant and the Stochastic Oscillator seems to be stuck in the middle as well.
If price action breaks below this lower trend line we see a strong level of support at around $0.685.
If price action breaks the upper trend line, we see a strong level of resistance at around $0.705.
Just be aware of US news events this week.
We have had good luck this year with Rising and Falling Wedges on pairs like GBPUSD and Brent Crude and here is another one on GBPCAD.
Price action is now at a key level so keep an eye on this.
The Stochastic Oscillator still looks bearish but, when we get that bullish break of the upper trend line, we see key levels of resistance at $1.60 and above $1.61.
Yesterday we spotted this Double Bottom on the S&P 500 and, you may have found, that many indices displayed the same pattern.
Price action did, in fact, break the neckline and you may have made a small profit but, to be honest, the fundamentals on the stock markets right now are not good.
Also, the Stochastic Oscillator is quite overbought so we might be looking at a short position here again.
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