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Trading Short USDCAD. Trading Long AUDUSD. Rising Wedge on AUDNZD.


Hey Valutraders!  Did you see this potential reversal on WTI?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at USDCAD, AUDUSD, AUDNZD, USDJPY, and WTI (USOil).

We have been watching the recovery of the price of crude oil but price action has hit this upper trend line and the stochastic oscillator is very overbought.Screenshot 2023-02-07 at 18.07.20

Let’s wait for some confirmation before going short on WTI.Screenshot 2023-02-07 at 18.07.28

We promised to take a look at USDJPY from the technical perspective today and we see a gap in price action on all JPY pairs.

Some pairs have filled the gap already.Screenshot 2023-02-07 at 18.07.38

We see that USDJPY has hit this level of resistance and has reversed to the downside and the stochastic oscillator has turned down.Screenshot 2023-02-07 at 18.07.48

The Reserve Bank of Australia announced its Interest Rate increase today so pairs like AUDUSD continued their uptrend after price action bounced off the lower trend line.Screenshot 2023-02-07 at 18.07.55

We see price action on AUDNZD consolidating into this rising wedge so we will watch for a reversal and a break of the lower trend line.Screenshot 2023-02-07 at 18.08.05

The downturn in the price of crude oil has affected the Canadian Dollar but price action on USDCAD has just bounced off this upper trend line and the stochastic oscillator is moving down.

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That’s all for now.  Happy trading with Valutrades and we will see you next time.

CFDs and FX are leveraged products and your capital may be at risk.7 February 2023 Technicals EN TN



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