CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
About Our Global Companies
Valutrades_LogoSpot
Valutrades_SYLogoSpot

Company

Valutrades Limited - a company incorporated in England with company number 07939901. View more information here.
Valutrades (Seychelles) Limited - a company incorporated in the Seychelles with company number 8423648-1.

Regulation

Regulated by the FCA (Fincancial Conduct Authority). Financial Services Register Number 586541.
Regulated by the FSA (Financial Services Authority). Regulatory Number SD028.

Max Leverage

30:1 (or up to 500:1 for Professional clients, click here to find out more about professional client status)
Up to 500:1

Country

United Kingdom
Seychelles

Negative Balance Protection

Yes
Yes

Back to Blog

GBPCAD in Ascending Triangle. FTSE 100 Downtrend.

   

Welcome to this week’s Market Blast Technicals where we will look at the FTSE 100 (UK 100), STOXX 50, USDCHN, GBPCAD and AUDNZD.

 

Last week we looked at AUDNZD and it looks as if price action did, in fact rebound off this upper trend line.Screenshot 2020-10-06 at 10.25.06

It returned and, again, has bounced off the trend line this morning and has moved to the downside with our stochastic oscillator confirming the reversal.Screenshot 2020-10-06 at 10.25.17

Price action on GBPCAD has formed this ascending triangle into a key level of resistance which was support in August.

This is also a key 50% Fibonacci level so we will keep an eye on this pair.Screenshot 2020-10-06 at 10.25.26

Also, we continue with last week’s look at the downtrend of USDCNH as price action formed this descending triangle and broke support at this key level.

Yesterday, we noted general US dollar weakness so we will monitor this pair and wait for an overbought signal.

After a few days below, the STOXX50 index of European equities is trying to return to the 200 day moving average.

A look at the Fibonacci retracements from the COVID crash has the index at the 61.8% level so we will watch for a break of resistance or a bounce below.Screenshot 2020-10-06 at 10.25.43

Speaking of indices, we note the clear downtrend of the FTSE 100 index of UK equities and how levels are currently at this upper trend line.

We also note that the Stochastic Oscillator has been a reliable confirmation tool to predict reversals.

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

CFDs and FX are leveraged products and your capital may be at risk.

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.

Comments