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USDJPY Consolidating. USDCAD at Key Support.


Welcome to this week’s Market Blast Technicals where we will look at NZDUSD, USDJPY, USDCAD, USDZAR.



Yesterday we looked at USDZAR from a fundamental standpoint and today we note a clear downtrend heading into support at 16.5 rand.Screenshot 2020-07-21 at 09.23.51

Zooming out to the daily chart, we see as well that price is currently approaching the 50% Fibonacci level which was support early last month.

The next key level below was a level of resistance from over one year ago.

We will be watching USDCAD as price has tried to break support for over one month now.Screenshot 2020-07-21 at 09.24.19

As well we can see the obvious descending triangles which graphically show price consolidation.

Zooming out to the daily chart, we see that the current price was also resistance from over one year ago.Screenshot 2020-07-21 at 09.24.35

USDJPY as well is currently in consolidation and we will be looking for a breakout from this pennant to determine future direction.

Price action on NZDUSD has been trying to break resistance for over a month now.

Again, zooming out to the daily chart we see previous support at this level and the next key levels above and below.

Don’t forget to register for our next webinar on trading Economic News Events next week and you can find this on the Valutrades website under “Education”.

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

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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.