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S&P 500 “Buying the Dip”. COVID Delta hits GBP. Webinar Next Week!

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades today we will take a look at AUDCHF, GBPUSD, EURGBP, and the S&P500.

 

Yesterday the markets were a bit confused with investors seeing the latest variant of Coronavirus, the Delta, as being serious enough to affect their decisions.

The big losers were GBP, the Stock Indices, and Crude which was also affected by OPEC of course.

This, however, gives us a technical opportunity on the Stock Indices like the S&P 500 where we can “Buy the Dip”.Screenshot 2021-07-20 at 11.08.20

Keep an eye on this lower trend line, watch the fundamentals, and use an indicator like the Stochastic Oscillator to confirm the reversal.

We promised to look at a couple of pairs in yesterday’s video but the Pound took a hit with EURGBP breaking through this upper trend line so our technical short will have to be postponed.Screenshot 2021-07-20 at 11.08.52

Price action did, however, hit a key level of resistance but we are still seeing bullish signals so be careful and watch the fundamentals.Screenshot 2021-07-20 at 11.09.18

Also, the weak Pound saw GBPUSD breaking this level of support with more bearish signals and, if we look at the Daily chart, we see price action trying to break this level of support from March.Screenshot 2021-07-20 at 11.09.33

Last week we pointed out this rising wedge on AUDCHF and how it might be a bearish pattern and price action didn’t disappoint us.

We now see price at a key level from last year and, if we break this level of support, we have room to move even lower.Screenshot 2021-07-20 at 11.09.49

Don’t forget to register for next week’s webinar, 27 July, and a link will be available at the end of this video.

Thanks for watching and don’t forget to 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 later in the week with our trading tips video.

CFDs and FX are leveraged products and your capital may be at risk.20 July EN TN

 

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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