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Trading Chart Patterns WTI: Descending Triangle NZD Plummets Overnight

   

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 Nikkei (JP225), WTI (US Oil), USDJPY, AUDNZD, and NZDUSD.

 

NZD has plummeted overnight based on a new COVID Delta case in Aukland and the news is that the Reserve Bank of New Zealand will not be raising Interest Rates tomorrow.Screenshot 2021-08-17 at 11.05.26

This has left NZDUSD at this key level of support.Screenshot 2021-08-17 at 11.05.46

If you are looking for a possible reversal of NZD then the place to look is AUDNZD.Screenshot 2021-08-17 at 11.06.06

Price action has been trending down since the beginning of June but we need to see a bounce off the upper trend line and confirmation from an indicator like the Stochastic Oscillator.Screenshot 2021-08-17 at 11.06.39

If you watched yesterday’s video, we pointed out the strength of JPY and we see that price action has broken support.Screenshot 2021-08-17 at 11.06.53

Pairs like USDJPY which had been trending down since June, still have room to move to the downside.

Also, from yesterday’s video, the price of WTI broke the neckline of this Double Top, came close to this level of support, then reversed.Screenshot 2021-08-17 at 11.07.09

Price action now seems to be forming a descending triangle so we will monitor the situation.Screenshot 2021-08-17 at 11.07.22

Speaking of Descending Triangles, the one few spotted last week on the Nikkei has just returned to support.

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.17 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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