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GBP Higher: New Prime Minister. NatGas Falling Wedge. Gold: History Repeating Itself?


Hey Valutraders! Did you see the jump in the Pound today?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at EURUSD, Gold (XAUUSD), Natural Gas (NatGas), GBPUSD, and GBPJPY.

Today’s price action on GBP pairs is a classic case where fundamental events drive price action to technical levels.Screenshot 2022-09-06 at 11.22.36

For example, on GBPJPY, the news that the UK has appointed a new Prime Minister has helped the Pound fill yesterday’s gap and has pushed price action to a key level of resistance.

We also see the Stochastic Oscillator looking very overbought.

Also, we will be monitoring the formation of this Ascending Triangle.

We all know how strong the USD is and we don’t see that changing right away.Screenshot 2022-09-06 at 11.22.47

So the fact that the news has driven price action into this upper trend line on GBPUSD, also after filling yesterday’s gap.

The Stochastic Oscillator is also very overbought and we see the downtrend continuing.Screenshot 2022-09-06 at 11.22.53

We encourage you to take a look at all the GBP pairs as you will definitely find similar opportunities.

The fundamentals of Natural Gas are obvious with an impending energy crisis in Europe with uncertainty about Russian supply.Screenshot 2022-09-06 at 11.23.03

The technicals see a Falling Wedge which is generally a bullish formation so we will keep an eye on this.Screenshot 2022-09-06 at 11.23.12

Yesterday, we looked at price action on Gold falling to a key level of support and it reminded us of that famous Double Bottom from over a year ago.

We will monitor this to see if history repeats itself.

As we know EURUSD is floundering but it managed to fill yesterday’s gap.

However, the Stochastic Oscillator is overbought so we may see the pair below par for a while.Screenshot 2022-09-06 at 11.23.28

But, don’t forget about Thursday’s ECB Interest Rate Decision and watch this Falling Wedge.

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

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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.6 September 2022 Technicals EN TN



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