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Brent Consolidating. Bollinger Squeeze on WTI. Trading Short AUDUSD.

   

Welcome to this week’s Market Blast Technicals.

Free Valutrades Signals!  Click here: https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and on behalf of Valutrades, today we will look at AUDUSD, Gold, (XAUUSD), WTI (USOil) and at Brent Crude (UKOil).

Looking at Crude Oil on the short term 1-Hour chart we see a descending triangle with support at $93 per barrel.Screenshot 2022-02-08 at 11.43.15

The Stochastic Oscillator is also bearish but remember, price action on Crude Oil is a fundamental story these days with the Ukraine situation in play.Screenshot 2022-02-08 at 11.43.26

Also, price action on the WTI April contract has formed a symmetrical pennant and we rarely see the D and K lines of the Stochastic Oscillator within the 20 and 80 limits.

If you are familiar with Bollinger Bands, you may recognise the Bollinger Squeeze which almost always indicates future volatility.Screenshot 2022-02-08 at 11.43.54

We have been watching this Symmetrical Pennant on Gold for weeks now and price action continues to consolidate.Screenshot 2022-02-08 at 11.44.04

We see a good level of resistance at $1825 and the 38.2% Fibonacci level and the Stochastic Oscillator indicating Overbought.Screenshot 2022-02-08 at 11.44.16

Price action on AUDUSD has bounced off this upper trend line and the Stochastic Oscillator has turned down from Overbought.Screenshot 2022-02-08 at 11.44.25

Also, we see strong resistance at the 50% Fibonacci level and strong support at the 23.6% level.

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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.8 February 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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