Welcome to this week’s Market Blast Technicals where we will look at and at the STOXX50, Gold (XAUUSD), USDCAD, EURUSD and USDCNH.
We are continuing to watch Renminbi and we see lower highs and a possible break of this lower trend line.
As well we see price attempting to break this lower Bollinger Band and stochastics still declining.
On EURUSD price action sees the 23.6% Fibonacci level as resistance so we need to see a break above or a bounce to the downside.
Also we see a double bottom here with price currently at the neck line.
We also see lower highs on USDCAD with support at the 38.2% Fibonacci level.
All going well, we could see a break below this week if talks go well between the OPEC + nations which we discussed yesterday.
Gold continues its bull run from mid-March and we see the next level of resistance at the psychological level of $1700.
Looking at the weekly chart we can see that Gold was at these levels in 2011 and 2012.
As we saw yesterday, all the global stock indices are rising and we see the STOXX50 approaching a previous key level, with the 200 day moving average well above, and 3 price gaps which have yet to be filled.
Of course, fundamentals will play a huge part in any equity pricing and index levels.
That’s all for now. Happy trading with Valutrades, stay safe, and we will see you next week.
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