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Trading Long on WTI. Trading Short USDCHF & USDJPY.

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look today at WTI (US Oil), USDCHF, USDJPY, the NASDAQ (US100), and AUDUSD.

 

We’ve been watching AUDUSD as it appears to be in a range with support in the $0.77 area and resistance at $0.78.Screenshot 2021-05-18 at 11.09.05

You can see how the Stochastic Oscillator tracked the reversals each time.

Today, however, if we get a break of resistance, the next key level above is $0.788.Screenshot 2021-05-18 at 11.09.16

Most of the global stock indices are recovering and we see the NASDAQ lagging behind slightly so it might be time to “buy the dip” again and get back into the bull run on US equities.

The NASDAQ hit an all-time high of over 14,000 last month so let’s see if we can return there.Screenshot 2021-05-18 at 11.09.31

Yesterday, we looked at USD weakness and it seems that that is continuing with USDJPY hitting a key level of support.Screenshot 2021-05-18 at 11.09.40

We also saw a short opportunity on USDCHF and we see that was correct with more room to move to the downside.Screenshot 2021-05-18 at 11.09.52

As of this morning, WTI Futures has broken this ascending triangle and the next key level is getting close to $68.

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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