Hey Valutraders! It looks like the USD is our strongest currency.  Which one is the weakest?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at CADJPY, Brent Crude (UKOil), Gold (XAUUSD), NZDUSD, GBPUSD, and EURUSD.

Yes.  We see strength in all the USD pairs but we need to find some technical indicators to confirm our next move.

Keep in mind that we are in the last week of August and this is typically a very slow time for the markets.

On EURUSD, we will wait for price action to reach the upper trend line and look for confirmation of another downturn from a technical indicator like the stochastic oscillator.

On the daily chart, we see bearish indications from price action, the stochastic oscillator and MACD, and support below at $1.076 and $1.066.

On GBPUSD we spotted this ascending triangle last week and price action broke out to the downside.

Right now, price is at a key level and we need to see a break above or a bounce below to determine its next direction.

There are many weak currencies right now but the NZD seems to be the weakest…although not by much.

However, if we move out to the daily chart on NZDUSD we can see lower lows and a huge fall in price action to $0.55 almost a year ago.

But, wait for confirmation of a break before going short.

The daily chart on gold shows us some strength in XAUUSD in the last week, despite the strong USD.

If you are considering a short trade in gold, wait for price action to bounce off this upper trend line and the stochastic oscillator to turn down from overbought.

And, as usual, watch the fundamental news events.

Yesterday we pointed out the downtrend in Crude Oil and we see it continuing today in this consolidation pattern on Brent Crude.

Again, the markets are a bit slow right now but before selling oil, wait for some technical indication like the signal line passing out of the histogram on MACD.

We are still waiting to see what will happen to JPY pairs and we see, for example, CADJPY consolidating around this key level at 108.

Here again, watch for news from the Bank of Japan.

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