GOLD at Key Level. Brent Crude at High. EURUSD in Descending Triangle.
Welcome to this week’s Market Blast Technicals.
I’m Brad Alexander and on behalf of Valutrades, today we will look at CADCHF, EURUSD, Brent Crude (UK Oil), WTI (US Oil), and Gold (XAUUSD).
Let’s jump right into some technical analysis on Gold where we see lower highs during the month of September and some clear consolidation.
The ADX Indicator is showing us consolidation as well.
If we move out to the Daily chart we see a similar situation with price at this key level which, if you remember, was the neckline for this Double Bottom that we saw back in March.
The Stochastic Oscillator is looking quite Bearish and, if we break this level of support, the next level below is $1,684.
Supply and Demand for Crude and petroleum products have been in the news these days and price action on WTI has just passed this key level from the beginning of July.
The Stochastic Oscillator is looking very Bullish and we will see if we get a retracement this week, before continuing higher.
Brent Crude opened even higher than its July highs with a weekend gap and price right now is above $80 per barrel.
We see EURUSD in this Descending Triangle with this level of support at $1.688.
If we break below, the next level is $1.667 but, as we know, this type of consolidation pattern could have price action going either way.
Yesterday we looked at CADCHF and it finally did break that level of resistance and appears to be heading up to this zone of consolidation.
That’s all for now. Happy trading with Valutrades and we will see you later in the week with our trading tips video.
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