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Gold Heading Lower? Trading Short JPY Pairs? Not Yet. WTI at Upper Trend Line.

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Hey Valutraders!  WTI is below $100! Will it stay there?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at Gold (XAUUSD), NZDJPY, GBPJPY, USDJPY, and WTI (USOil).


Despite the uncertain fundamentals on Crude Oil, price action on WTI has hit this upper trend line and we will see if the Stochastic Oscillator turns down from overbought.Screenshot 2022-07-26 at 10.57.11

If we look at the daily chart, we can see that the next key level below is $95.Screenshot 2022-07-26 at 10.57.28

Yesterday we promised to take a look at JPY from the technical side and we can see a global theme.Screenshot 2022-07-26 at 10.57.40

On the 4-hour charts, we can see that price action pulled back from yesterday so you need to be careful if you are waiting for the big reversal.Screenshot 2022-07-26 at 10.57.51

On USDJPY, for example, we see this Ascending Triangle with resistance at a key level, after price action broke this double top.

However, the daily charts tell the story.Screenshot 2022-07-26 at 10.57.58

We are still seeing higher lows and on pairs like USDJPY, and we would like to see price action break this lower trend line and to see the Stochastic Oscillator at Overbought.Screenshot 2022-07-26 at 10.58.06

On GBPJPY we see a similar situation with the lower trend line with a Symmetrical Pennant forming.Screenshot 2022-07-26 at 10.58.16

The Stochastic Oscillator looks bullish as well and you will find similar stories on all JPY pairs like this one on NZDJPY.Screenshot 2022-07-26 at 10.58.26

Remember that big Double Bottom on Gold last year?Screenshot 2022-07-26 at 10.58.48

Well, price action fell to that key level of $1678 late last week and is now at another key level.

We will wait for a downturn of the Stochastic Oscillator which had looked bearish.

But, watch out for tomorrow’s Fed Interest Rate decision.

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

Also, subscribe to our YouTube channel and register on the Valutrades website to get notifications on new content as it happens.

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.26 July 2022 Technicals EN TN



This post was written by Graeme Watkins

CEO Valutrades Limited, Graeme Watkins is an FX and CFD market veteran with more than 10 years experience. Key roles include management, senior systems and controls, sales, project management and operations. Graeme has help significant roles for both brokerages and technology platforms.

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