Hey Valutraders! Have you seen this Bullish Channel on the NASDAQ (US100)?
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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.
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.
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.
This has driven price action into the lower trend line and we see the Stochastic Oscillator in a very oversold state.
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.
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.
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