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Trading Short on AUD & NZD. Register for Tonight’s Webinar.

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look today at USDCAD, WTI (US Oil), NZDUSD, AUDJPY, and AUDUSD.

 

Last week we showed you the ranging market on AUDUSD which is now forming a descending triangle and price has just bounced off the upper trend line with the Stochastic Oscillator showing overbought.Screenshot 2021-05-25 at 11.03.04

A ranging market is what happens in the case where the two currencies in the pair are equally strong, or in this case, equally weak.Screenshot 2021-05-25 at 11.03.17

If we look at AUD overall, we see weakness against all others except the NZD and, in almost every case we see a chance to enter the market.Screenshot 2021-05-25 at 11.03.31

For example, on AUDJPY, price action has just reached the upper trend line and the Stochastic Oscillator is showing overbought.

Check the other AUD crosses and you will find similar opportunities.Screenshot 2021-05-25 at 11.03.47

You will find the same situation with the NZD which is equally weak and we see a Descending Triangle on NZDUSD and Stochastics into overbought as well.

It looks like the price of WTI cannot break resistance in the $66 per barrel range.Screenshot 2021-05-25 at 11.04.28

This has caused the recent strength to the CAD to stall a bit so we will watch this correlation.

We always encourage you to ask us questions and tonight will be your perfect opportunity to ask me anything, along with the CEO of Valutrades, Graeme Watkins.

So, please sign up for tonight’s webinar on the Valutrades website.

See you tonight!

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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