Welcome to this week’s Market Blast Technicals where we will look at Silver (XAGUSD), US Oil (WTI), UK Oil (Brent Crude), EURAUD, AUDJPY and AUDUSD.
Since yesterday AUDUSD has tried to rebound and has broken resistance in the form of this double bottom with higher highs and higher lows.
Keep an eye on key levels and this upper trend line.
We see the same pattern on AUDJPY but we are closer to the upper trend lineShould we see a break above, and a break through this Fibonacci level of 38.2%, our next key level at 50% is resistance at 74.3 Yen.
Price action has broken one level of support on this EURAUD double top but watch out for several key levels of support should price continue to the downside.
In fact, we are seeing EUR weakness in general.
Comparing WTI to Brent Crude on the Daily charts, we see that both have broken support and the next key levels lower are from December of 2018.
This price of $50 per barrel on UK Oil would also correspond to this lower bearish trend line.
Silver seems to be consolidating in this pennant but we are more interested in the bigger picture in this bearish trend channel which has been running all year.
A bounce off this upper trend line could see price break support at $17.70 with the next key level at $17.40.
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.
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