Brent Crude Soaring on Sanctions. GBPUSD in Rising Wedge. CADJPY Breaking Resistance.

Welcome to this week’s Market Blast Technicals.

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I’m Brad Alexander and on behalf of Valutrades, today we will look at CADJPY, Brent Crude (UKOil), the China A50 Index (CNA50), the S&P500 (US500), and GBPUSD.

Last week we spotted this Rising Wedge on GBPUSD and the pattern is still forming.

If we look at the daily chart we can see that the Stochastic Oscillator is still overbought but if it crosses below 80 soon, we may see the continuation of the downtrend.

However, don’t forget the fundamentals with events like the US Non-Farm Payrolls this Friday.

Speaking of fundamentals, we mentioned yesterday that the S&P 500 and other indices are recovering based on good news on the Chinese COVID crisis.

However, we are still in a bearish market and many analysts feel that we may have more room to fall back to this lower trend line.

Also, the Stochastic Oscillator is showing overbought so we will keep an eye on this.

In China itself, the A50 index has broken its upper trend line.

As most European leaders are in favour of banning Russian Oil, Brent Crude has broken resistance, opened this morning with a gap, and is now well over $119 per barrel.

Both MACD and the Stochastic Oscillator are quite bullish.

Based on the increasing price of crude oil, all CAD pairs are moving with CADJPY, for example, trying to break resistance and the Stochastic Oscillator showing overbought.

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