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Trading Chart Patterns: USDJPY in Falling Wedge; EURNZD in Double Top.

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades today we will take a look at the China A50, AUDCHF, AUDJPY, EURNZD, EURUSD, and USDJPY.

 

Price action on USDJPY has formed a falling wedge and we are wondering if it has reached the bottom as the Stochastic Oscillator is showing an oversold signal.Screenshot 2021-08-03 at 11.11.29

If we look at the Daily Chart we can see why we consider the falling wedge as a bullish continuation pattern as price action has been rising on USDJPY since the beginning of the year.Screenshot 2021-08-03 at 11.11.55

We see a huge Double Top or Head and Shoulders pattern on the EURUSD Weekly Chart so this might take a while to show us a direction.

If price action breaks the neckline we could see many levels of support on the way down.Screenshot 2021-08-03 at 11.12.13

Looking at the last several weeks of price action on EURNZD, we see a series of Double Tops and Double Bottoms.

Price is currently at a key level which has been the Neckline almost every time.

We need to see a break of this level of support before price action falls to the next levels.Screenshot 2021-08-03 at 11.12.36

We see quite a few opportunities with AUD pairs so please watch your trend lines, indicators and levels of support and resistance.

For example, both AUDCHF and AUDJPY are trending down and price action is rising to the upper trend line so we may look to sell the bounce.Screenshot 2021-08-03 at 11.13.04

As promised last week, we took another look at the China A50 and, as we thought, price action reversed from the post-COVID 61.8% Fibonacci level of support and reversed.

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.3 Aug 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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