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DAX and STOXX 50 above 200 Day Moving Average.

   

Welcome to this week’s Market Blast Technicals where we will look at the DAX, the Stoxx 50, Gold (XAUUSD), GBPUSD, and USDCAD

 

Today we will switch to the Daily charts to show the extent of the USD weakness.Screenshot 2020-06-09 at 09.17.49

USDCAD, for example, had reached support from over one year ago with the next key level at $1.332 and we can see that this big drop started after the break from this descending triangle.

We have a similar situation with GBPUSD approaching resistance from just over a year ago and a key level just above at $1.278.Screenshot 2020-06-09 at 09.18.12

Looking at Fibonacci we see that price is at the 61.8% level of resistance so watch for a break above or a return to the 50% level.

Gold has broken below $1700 and is starting to create a downward trend channel but keep an eye on the trend lines.Screenshot 2020-06-09 at 09.18.35

A straight channel is a bearish pattern of course but a falling wedge can often be a bullish pattern.

Watch this key level of support at around $1676 where price action had tried to break through several time this year, with the next key level at $1640.

We have been watching the 200 day moving average to gauge the levels of the major indices and we saw earlier that the S&P 500 and the Nikkei has passed above.

Now, the DAX, Dow Jones and the Stoxx 50 are in positive territory with the Hang Seng, AUS 200, and FTSE 100 getting closer.

That’s all for now.  Happy trading with Valutrades and we will see you next week.

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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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