Hey Valutraders! Have you seen this Symmetrical Pennant on Cable (GBPUSD)?
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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at NZDUSD, Gold (XAUUSD), WTI (US Oil), Natural Gas (NatGas), CADCHF, and GBPUSD.
The fundamentals on GBP have been difficult lately with a confused government and a faltering economy.
From the technical side, we see a Symmetrical Pennant on GBPUSD and consolidation on the MACD.
Yesterday’s gaps were filled on GBPUSD, EURGBP and GBPCHF, with the COMDOLLs still open.
Yesterday, we promised to monitor CADCHF where we spotted a Double Top.
This seems to be forming a very ragged consolidation pattern after price action broke this Ascending Triangle.
We could even consider this to be a Rising Wedge, which is a bearish pattern.
Another Symmetrical Pennant can be found on WTI with the Stochastic Oscillator consolidating as well.
To be honest, it is hard to say if this is a bearish pattern or a bullish pattern but we will get a breakout either way.
Also, if we look at Bollinger Bands, we see the beginning of a “Bollinger Squeeze”, which usually indicates high volatility in the near future.
The bear run of Natural Gas seems to have stalled with price action breaking the upper trend line.
Keep an eye on the fundamentals from the European Union, and the warm autumn weather, as we discussed in yesterday’s video.
We can see the Stochastic Oscillator looking very overbought.
We are looking at a bias to the upside on Gold after a big move on Friday after price action broke the neckline of this Double Bottom.
The Stochastic Oscillator is looking bullish and we see what could be a Falling Wedge, even though these candles look a bit noisy.
We may be seeing a rebirth of the NZD.
Price action on NZDUSD has bounced off this lower trend line and the Stochastic Oscillator is turning upward.
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