Welcome to this week’s Market Blast Technicals where we will look at the AUS 200, WTI, US Oil, EURNZD, USDCAD, AUDJPY, AUDUSD, EURUSD.
After a long bull run, EURUSD may be entering a consolidation phase but we also see this double top forming.
We see resistance at $1.19 and a neckline of support at $1.17 so we need to see a break out of either of these before we can determine the next direction.
AUDUSD seems to be continuing its bull run and has just bounced off this lower trend line.
If we zoom out to the daily chart we see the next key level above at $0.727.
AUDJPY seems to be heading into an ascending triangle with resistance at 76.7 yen and we will wait for a bounce off this lower trend line.
EURNZD seems to consolidating as well and has also formed a double top.
We need to see a break below $1.774 before we consider a new direction.
Price action on USDCAD has just bounced off this upper trend line showing CAD strength after an increase in the price of WTI.
US Oil has finally broken $42 per barrel and filled the Coronavirus gap with the next key level at around $42.80.
Keep an eye on the AUS 200 Stock Index as its high point in today’s session finally reached the 200 Day SMA.
For you Fibonacci fans, we also see that last week’s bull run is trying to break the 61.8% level of resistance.
That’s all for now. Happy trading with Valutrades and we will see you next week.
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