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GBP Stronger. GBPAUD in Symmetrical Pennant. Trading Long Nikkei.


Welcome to this week’s Market Blast Technicals.

Free Valutrades Signals!  Click here:

I’m Brad Alexander and on behalf of Valutrades, today we will look at the Nikkei (JP225), EURJPY, EURAUD, EURGBP, and GBPAUD.


Quite simply, GBP is stronger against almost every other currency, based mostly on COVID optimism as the government is trying to avoid further lockdowns.Screenshot 2021-12-28 at 12.25.51

GBPAUD is the main exception with price action in consolidation, forming a symmetrical pennant, so we could see a big move going into the new year.Screenshot 2021-12-28 at 12.26.14

EURGBP has reached a key level of support, which used to be the neckline of this inverse head and shoulders pattern from last month.Screenshot 2021-12-28 at 12.26.30

If price action breaks support, the next key level below is just above £0.838.Screenshot 2021-12-28 at 12.26.41

So, we see why GBPAUD is consolidating as AUD is strong as well, so we have 2 strong currencies battling together.Screenshot 2021-12-28 at 12.26.51

EURAUD is in a similar situation to EURGBP as price action has reached a key level of support, which was also resistance in November.Screenshot 2021-12-28 at 12.27.08

If the downtrend continues we have a few key levels below going into the new year.Screenshot 2021-12-28 at 12.27.33

The weakest currency seems to be JPY but watch out for the Stochastic Oscillator which, in every case, is displaying an overbought signal.Screenshot 2021-12-28 at 12.27.50

A weaker JPY usually means good news for the Nikkei as Japanese companies can export more goods.

We see bullish indications on the Nikkei chart and we will monitor this into the new year.

That’s all for this year!

See you in 2022.

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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.28 December 2021 Technicals EN TN



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