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Silver in Symmetrical Pennant. NZDUSD at 20-month Highs.

   

Welcome to this week’s Market Blast Technicals where we will look at the IBEX (ES35), Silver (XAGUSD), Gold (XAUUSD), NZDUSD, USDCHF, and USDJPY.

 

Last week we spotted this bounce off the upper trend line on USDJPY on the daily chart and the downturn continues but keep an eye on the lower trend line and support at 103 Yen.Screenshot 2020-11-17 at 10.24.01We see that USDCHF has fallen below its Coronavirus crash lows and, as well, has bounced off this upper trend line and the stochastic oscillator has moved below overbought status.Screenshot 2020-11-17 at 10.24.15

NZDUSD has reached highs that it has not seen for 20 months and we see the next key level above at about $0.695.

Gold has been trending down since the beginning of August and seems to be forming a descending triangle on the daily chart with support at around $1,860.

Silver has been consolidating into this symmetrical pennant on the daily chart.

Looking at Fibonacci, we see price action ranging between resistance at the 23.6% level and support a the 38.2% level.

We mentioned the success of the Spanish IBEX last week and markets opened yesterday with a gap to the upside and has broken resistance from last June.

It still has several gaps to fill, however, to get back to pre-COVID levels.Screenshot 2020-11-17 at 10.24.43

And, finally, we looked at AUD pairs yesterday and we note the uptrend in AUDCHF where price has reached the lower trend line.

Keep an eye, however, on the stochastic oscillator and wait for an  oversold signal.

That’s all for now.  Happy trading with Valutrades and we will see you next week.

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Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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