Welcome to this week’s Market Blast Technicals.
I’m Brad Alexander and on behalf of Valutrades today we will take a look at WTI (US Oil), EURUSD, AUDUSD, USDCHF, USDJPY, and USDCAD.
Yesterday we promised to look at technical opportunities to see if we get a reversal from the USD weakness.
However, we see price action breaking key levels on pairs like EURUSD, AUDUSD and ranging markets against the safe-haven currencies like USDCHF and USDJPY.
On USDCAD we can combine the fundamentals of a weak USD and higher Crude prices and look for a possible short trade.
Price action is trying to break this key level and we are seeing some bearish indication from the Stochastic Oscillator.
If this level of support is broken we see several key levels below.
On USDCHF we see a ranging market but we will monitor these lower lows to see if price action forms a descending triangle where we see an overall downward bias through the summer.
Last week we spotted this Symmetrical Pennant on USDJPY and the lower trend line is holding position.
The upper trend line, however, may falter as we see strong resistance just below 110.2.
The Bullish Engulfing candle we spotted last week gave us a great Buy opportunity on WTI but watch the Stochastic Oscillator as we now have a strong Overbought indication and OPEC meeting tomorrow.
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That’s all for now. Happy trading with Valutrades and we will see you later in the week with our trading tips video.
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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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