Trading Long on NASDAQ. Gold in Rising Wedge? WTI Consolidating.

Welcome to this week’s Market Blast Technicals.

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I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at WTI (US Oil), Gold (XAUUSD), the NASDAQ (US100), AUDUSD, and GBPUSD.

Yesterday, we looked at USD strength with a pullback this week so let’s take a look at this from the technical standpoint.

Price action on GBPUSD, for example, has reached this upper trend line in this bearish trend but the Stochastic Oscillator seems to be stalling.

If we zoom out, we can see that the current price was a key level of support from September.

We see a similar situation with AUDUSD where the Stochastic Oscillator has already turned downward from Overbought.

We are watching Gold today as price action seems to be forming a rising wedge which is often a bearish pattern.

We will see if price stalls at this level of resistance to form an Ascending Triangle.

If we zoom out to the Daily chart, we see that the current price is at the same level as the neckline of this Double Top from May of this year, and the Stochastic Oscillator is indicating Overbought.

As many indices are moving higher, the NASDAQ is consolidating into this Symmetrical Pennant.

If price breaks through the Upper Trend Line, we could see more record highs.

We also see potential consolidation in price action of WTI as price ranges between $79 and $85.

At this moment, the Stochastic Oscillator is in the Overbought zone.

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