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Trading USDCHF Short. Brent Crude Price Action in Double Bottom.

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look today at Brent Crude (UKOil), USDCHF, the FTSE (UK100), and Gold (XAUUSD).

 

We broke the Double Bottom on Gold that we found a while ago and price action is now at the upper trend line in this bearish run that has been running since last July.Screenshot 2021-04-27 at 11.05.39

We may see a further fall in price off this swing high from last week on the daily chart,  but be aware of the post-COVID Fibonacci where we see strong support at the 50% level.

We are finally getting some positive moves on the FTSE100 UK stock Index which has yet to return to pre-COVID levels.Screenshot 2021-04-27 at 11.06.09

Price has been following this lower trend line but watch out for resistance at 7040 which was a key level of support in 2019.

We looked at USD weakness yesterday and we see a chance to join the trend today with USDCHF.Screenshot 2021-04-27 at 11.06.25

Price action has returned to the upper trend line and we see a short opportunity if price reverses and the Stochastic Oscillator gives us a bearish signal.Screenshot 2021-04-27 at 11.06.40

We spotted this Double Bottom on Brent Crude with a neckline at $65.50, so we could see a break and a return to previous levels at $67 but watch the fundamentals as the global COVID pandemic is still affecting crude oil demand.

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.

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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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