Welcome to this week’s Market Blast Technicals where we will look at the A50, the FTSE 100 (UK 100), WTI (US Oil), Gold (XAUUSD), GBPUSD, EURUSD, and USDCAD.
Looking at the US Majors we saw many investors going to cash strengthening the USD.
USDCAD has reached a key level of resistance at $1.33 and, if we move out to the daily chart, we can see that this level held several times in 2019 and into early 2020.
We see EURUSD trying to break support at $1.174.
If we break $1.17, the next key levels below range from $1.14 to $1.11.
GBPUSD finds itself in a similar situation with price at support of $1.278 where we found support earlier in the month and as resistance in June.
Looking at the daily chart, we see this level of support through 2019 as well.
Gold has also hit support and is near the key level of $1,900 and we are still watching this consolidation pattern in the form of a descending triangle.
WTI has fallen to $39.50 per barrel on Coronavirus fears, but we note that price is ranging between the Fibonacci retracement levels of 50% and 61.8% so we will keep an eye on these.
Coronavirus uncertainty is still hitting the FTSE 100 with levels well below the 200 Day Moving Average and we are watching the upper and lower trend lines as well.
On the other side, we are also watching the Chinese A50 index in this consolidation pattern as levels are close to the lower trend line.
That’s all for now. Happy trading with Valutrades and we will see you next week.
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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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