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S&P Over 3000 at 200 Day Moving Average. USDCHF Consolidating.

   

Welcome to this week’s Market Blast Technicals where we will look at USDCHF, Gold (XAUUSD), the Nikkei (JP225), the S&P 500 (US500), USDJPY, USDCAD.Screenshot 2020-05-26 at 09.40.43

USDCAD is forming a descending triangle with strong support at $1.387.

Adding an indicator like the Stochastic Oscillator shows us that each dip to the downside has been indicated so we need to see a break below support or a new bounce off this upper trend line.Screenshot 2020-05-26 at 09.41.09

We see the opposite formation with USDJPY with an ascending triangle with resistance at 108 Yen so we will need to see a break to the upside or a bounce below.Screenshot 2020-05-26 at 09.41.27

After weeks of waiting the S&P 500 has finally broken the 200 day moving average and broken above 3000.

Looking at other major indices, the Nikkei is moving closer as well.

Gold is edging lower but watch this lower trend line.

A break below could see price falling to the next key level of $1695.

And, finally, keep an eye on USDCHF which has been consolidating for over two months now and, when we see a breakout, watch the next key levels.

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

CFDs and FX are leveraged products and your capital may be at risk.

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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