Hey Valutraders! Have you seen this downturn on Crude Oil?
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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at NZDUSD, USDCHF, Natural Gas (NatGas), the DAX (DE40), Brent Crude (UKOil), and USDJPY.
Last week we spotted the Rising wedges on JPY pairs and we see that the bearish indication was correct as price action fell dramatically.
USDJPY, for example, has rebounded and price action has tried to break this upper trend line and the Stochastic Oscillator might be stalling.
Keep an eye on USDJPY as we may be seeing a Double Top forming today and tomorrow.
To get the full picture on Brent Crude we need to look at the daily chart where we see price action has bounced off this upper trend line.
Price has broken this key level of support and we see key levels of support below at $89 and at $86.50.
The Rising Wedge is still growing on the DAX and the Stochastic Oscillator seems to be consolidating.
So, you may have a great question for me in that, “If all the global stock indices are bullish, why are we seeing a bearish indication on German stocks?”
The answer is Natural Gas.
The gas market opened on Monday with a gap but the gap was filled quite quickly.
We now hear that German supply and storage might be problematic for this winter as NatGas reaches the high from July.
Just like USDJPY, we see a similar situation on USDCHF with price action trying to bounce off this upper trend line and the Stochastic Oscillator turning down.
And again on NZDUSD where we see the New Zealand Dollar as being fundamentally strong.
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