Trading USDCAD in Rising Wedge. FTSE 100 in Ascending Triangle.
Welcome to this week’s Market Blast Technicals.
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I’m Brad Alexander and on behalf of Valutrades, today we will look at the FTSE (UK 100), NZDUSD, USDCAD, WTI (US Oil), and EURJPY.
We’ve been spending a bit of time following the potential reversal of JPY and our efforts were not wasted.
For example, if price action on EURJPY bounces off this upper trend line and the Stochastic Oscillator continues its bearish indication, the downtrend should continue but watch out for tomorrow’s Japanese Interest Rate decision and this weekend’s election.
Supply issues on all fuel sources have kept Crude Oil high going into winter and we see a small pull-back today.
However, watch this lower trend line and the Stochastic Oscillator heading into Oversold to see if the uptrend continues.
The price of Crude usually affects USDCAD negatively but price action is still climbing.
However, we see a Rising Wedge forming which is usually a bearish indication so we may see a reversal soon.
We are witnessing the opposite effect on NZDUSD as we expect the downtrend to continue after price action bounces off this upper trend line and the Stochastic Oscillator turns from Oversold.
Also, be aware of a potential Fibonacci level of support at 23.6%.
We have seen great recovery on almost all global stock indices but the FTSE100 seems to be stuck at resistance at the top of this Ascending Triangle.
Watch for a break above or a bounce back to previous levels.
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