Hey Valutraders! Did you see this Falling Wedge on Gold?
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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at Brent Crude (UKOil), GBPCHF, GBPJPY, GBPCAD and Gold (XAUUSD).
Hopefully, you watched yesterday’s video and heard of the opportunities available on many FX pairs and commodities.
So, tomorrow’s US Federal Reserve Interest Rate decision and the following FOMC statement should have all USD pairs, including XAUUSD, bouncing around.
Price action on Gold is in a Falling Wedge right now, and this is usually a bullish pattern so any weakness in USD will send Gold higher.
The Stochastic Oscillator is oversold right now so, from the technical aspect, we will wait for an upturn.
Yesterday we promised to look at GBPCAD as we see that price action had just bounced off the lower trend line but keep an eye on the stochastic oscillator and this upper trend line.
Also, the Parabolic SAR has just now shown us a bullish indication.
Price action on GBPJPY has formed an Ascending Triangle and is in consolidation as both central banks will want to raise Interest Rates to fight Inflation.
The Bank of England will be announcing theirs on Thursday.
We see a similar situation on GBPCHF.
The Daily chart confirms this consolidation and the bullish confluence on the stochastic oscillator.
The fear of recession and central banks raising Interest Rates have affected demand for oil with price action on Brent Crude falling to support with MACD, the Parabolic SAR, and the Stochastic Oscillator looking quite bearish.
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