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Bullish Bias on Brent (UK Oil). USDCAD in Descending Triangle. Trading Short CADJPY.

   

Hey Valutraders!  Did you see this descending triangle on USDCAD?

Subscribe to Free Valutrades Signals at https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at the Russell 2000, Brent Crude (UKOil), AUDUSD, AUDCAD, CADJPY, and USDCAD.


Yesterday we determined that CAD and USD were both weak currencies and it can be difficult to trade a pair with the same bias.

However, we may have an opportunity tomorrow with lots of economic news coming out of Ottawa, including an Interest Rate decision and press conference.Screenshot 2023-01-24 at 17.00.25

For example, the news may break this line of resistance or it may drive price action back up to this upper trend line.

If we add other indicators like the Parabolic SAR and MACD, we see a bearish bias but wait for confirmation before you enter a position.Screenshot 2023-01-24 at 17.00.45

Right now, we have an opportunity on CADJPY.

Price action has just bounced off this upper trend line and the stochastic oscillator has turned down from overbought.Screenshot 2023-01-24 at 17.01.00

Another option is AUDCAD.

If the news drives price action lower temporarily, into the lower trend line, we may have a buy trade opportunity.Screenshot 2023-01-24 at 17.01.16

An overview of AUD pairs proves to us that it is definitely a strong currency right now.

We see a pullback from the downtrend on Brent Crude but prudent traders may want to wait for a selling opportunity.Screenshot 2023-01-24 at 17.01.34

We will wait to see if price action reaches the upper trend line and our indicators like MACD turn bearish.Screenshot 2023-01-24 at 17.01.42

And finally, we see an ascending triangle on the Russell 2000 Index so we will watch for a break of resistance or a pullback to this lower trend line.

Thanks and don’t forget to register for this week’s webinar on Trading Currency Pairs.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

Also, subscribe to our YouTube channel and register on the Valutrades website to get notifications on new content as it happens.

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.24 January 2023 Technicals EN TN

 

Disclaimer:

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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