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AUDUSD in Symmetrical Pennant. GBPCAD at Key Level in Falling Wedge.

   

Hey Valutraders!

Subscribe to Free Valutrades Signals at https://www.valutrades.com/en/trading-signals

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.Screenshot 2022-06-21 at 11.11.34

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.Screenshot 2022-06-21 at 11.11.52

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.Screenshot 2022-06-21 at 11.12.12

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.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

Also, subscribe to our YouTube channel and register on the Valutrades website to get notifications on new content as it happens.

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

CFDs and FX are leveraged products and your capital may be at risk.21 June 2022 Technicals EN TN

 

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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.

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