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Gold Consolidating. USDCNH at Long Term Support.


Welcome to this week’s Market Blast Technicals where we will look at the DAX (DE30), the Nikkei (JP225), USDCNH, WTI (US Oil), Gold (XAUUSD), GBPUSD, and EURGBP.


As we noted yesterday, we are seeing overall UK Pound strength and we note that price action on EURGBP has just bounced off the upper trend line and the stochastic oscillator is showing overbought.Screenshot 2020-10-20 at 10.41.56

We see the opposite trying to occur on GBPUSD but we might want to wait on this one to see a more positive  move to the upside.Screenshot 2020-10-20 at 10.42.08

Gold has been consolidating around the $1900 level for many weeks now, and we see that this symmetrical pennant is approaching its convergence point so we might expect a breakout soon.Screenshot 2020-10-20 at 10.42.17

The price of the WTI futures contract has retreated from resistance at $41.70 per barrel and has formed an ascending triangle so we will watch for a breakout here as well.

We have been watching this bear run on USDCNH and, if we look at the daily chart, we see that price has finally reached support from early 2019.Screenshot 2020-10-20 at 10.42.31

The Japanese equity index, the Nikkei, still has not reached pre-COVID levels but is still well above the 200 Day Moving Average.

We note, as well, this rising wedge so we might expect a breakout soon.

Keep an eye on this lower trend line on the DAX and wait for an oversold signal from your favourite oscillator.

That’s all for now.  Happy trading with Valutrades and we will see you next week with a Fundamental look at the US Elections.

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