Hey Valutraders! Did you see this consolidation on WTI?
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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at EURUSD, GBPUSD, AUDUSD, Gold (XAUAUD), Gold (XAUUSD), and WTI (USOil).
Yesterday we pointed out some of the economic news affecting the price of WTI.
From the technical side, we see two options after the volatility of last week.
If we consider this to be the upper trend line, we may consider that price action has broken out.
If we consider either of these formations as Symmetrical Pennants, we need to wait for confirmation from another indicator.
The stochastic oscillator, for example, is still moving higher and the Parabolic SAR is bearish but quite tight.
Gold is at this upper trend line and the stochastic oscillator has just turned down from overbought.
XAUAUD is showing us the opposite effect.
We spotted this Falling Wedge some time ago and we see that it was true to its word with price action now turning bullish.
We will keep an eye on this channel and watch our indicators to confirm a good time to buy.
We have seen a pullback on the strength of USD and price action has reached trend lines or broken through as is the case on EURUSD and GBPUSD.
So, keep an eye on AUDUSD, USDCHF, USDCAD, and NZDUSD.
In every case, the stochastic oscillator is considering a reversal.
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