Welcome to this week’s Market Blast Technicals where we will look at Gold (XAUUSD), US Oil (WTI), USDJPY, EURUSD, and AUDUSD.
After days of USD strength we see some weakness today.
On AUDUSD we see a double bottom with higher lows so we will wait for a break above this neckline.
Zooming out to the H1 chart we can see price forming an ascending triangle so watch for a break or a bounce today.
In EURUSD we see the same story at the key level of $1.08.
Fibonacci also shows us key levels of support and resistance but we need to see a break above the 23.6% level, or a bounce to the downside.
Price on USDJPY H1 is attempting to break this lower bullish trend line, into this triple top.
Looking at the H4 chart, we see that we will need to break support at around 110.2 Yen before we can think about the next key levels of support.
WTI seems to have found a bottom at around $21.50 per barrel and may be forming a descending triangle but fundamentals need to change before we see a break above and to fill this gap from earlier this month.
With this USD weakness, we see Gold moving higher.
Last week price broke support on this double top and has broken the neckline of this double bottom but stuck at this key level.
Don’t forget tonight’s webinar on Gold! See you then.
That’s all for now. Happy trading with Valutrades and we will see you next week.
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