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Trading Crude Oil Uptrend. Trading USDCAD Short.

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look today at AUDUSD, Gold (XAUUSD), USDCAD, and WTI (US Oil).

 

The bull run on Crude Oil continues with WTI showing us higher highs and higher lows since the last week in March.Screenshot 2021-05-04 at 10.54.16

The Stochastic Oscillator has given us several opportunities over the last few weeks and, if you are not long on WTI or Brent, you might want to wait for a pullback and trade with the trend.Screenshot 2021-05-04 at 11.04.06

As we have shown many times, the correlation between the Canadian Dollar and the price of WTI is still valid with new CAD strength based on the higher price of crude oil that we talked about yesterday.Screenshot 2021-05-04 at 11.04.28

Looking at the daily chart on USDCAD we see a clear downtrend which started just over a year ago at the height of the Coronavirus crash and we still see room to move to the downside.

If you are a conservative trader, you might want to wait for a pullback here.

We need to look at the weekly chart to see when levels were this low almost four years ago.Screenshot 2021-05-04 at 11.04.44

We have been watching the current uptrend in Gold since the beginning of March and we see that price action had tried to break resistance at $1796 recently.

Price right now is at a key level and we might want to wait to see a pullback and trade with the trend.Screenshot 2021-05-04 at 11.04.59

The AUDUSD uptrend we were following was broken yesterday for fundamental reasons but price action stopped at support at $0.77 and we will watch to see if the trend continues.

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.

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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