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Trading Long GBPCAD. NASDAQ (US100) in Ascending Triangle.

   

Hey Valutraders!  Have you seen this Bullish Channel on the NASDAQ (US100)?

Subscribe to Free Valutrades Signals at https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at EURGBP, GBPCAD, Brent Crude (UK Oil), and the NASDAQ (US100).

 

Yesterday we looked at a bearish bias in the fundamentals on Crude Oil.

This has been turned upside down by rumours from China about the possible forming of a committee to look at the COVID lockdowns…maybe.

Again, these are only social media rumours so we will watch the news.Screenshot 2022-11-01 at 18.50.44

We see that price action on Brent Crude is at the 61.8% Fibonacci level of resistance and the Stochastic Oscillator is heading into the oversold zone.

If the rumours are false, we could see a reversal to the downside quite quickly.

These rumours also caused a rally in global stock markets and we see the NASDAQ was no exception.

The uptrend, which started mid-month sees price action forming an Ascending Triangle with a key level of resistance at about 11600.Screenshot 2022-11-01 at 18.50.52

If price action breaks this level we could see a continuation of this Bullish Channel.

Yesterday, as well, we looked at a possible long position on GBPCAD and we see that the Chinese rumours have created some strength in CAD.Screenshot 2022-11-01 at 18.51.03

This has driven price action into the lower trend line and we see the Stochastic Oscillator in a very oversold state.Screenshot 2022-11-01 at 18.51.11

Speaking of Pound Sterling, we see price action on EURGBP at the upper trend line in this bearish trend.

Also, the Stochastic Oscillator is overbought and it may cross over soon.

However, that was the short-term view.Screenshot 2022-11-01 at 18.51.20

If we zoom out to the daily chart, we see the formation of a falling wedge and the Stochastic Oscillator here is very oversold and the D and K lines have crossed over.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

Also, 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 next time.

CFDs and FX are leveraged products and your capital may be at risk.1 November 2022 Technicals 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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