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Valutrades Market Blast Technicals 1 October 2019

   

Welcome to this week’s Market Blast Technicals where we will look at US Oil (WTI), USDCAD, GBPUSD, USDJPY and Gold (XAUUSD).

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Yesterday Gold broke support of this head and shoulders pattern with the next key levels at around $1445 and $1425.

Screenshot 2019-10-01 at 09.56.24

The Japanese Yen is currently at a key level of resistance and is looking to be forming an ascending triangle so we will watch for a break above or a reversal.

Screenshot 2019-10-01 at 09.56.38

The contrary can be seen on GBPUSD with this descending triangle forming but, of course, technical analysis may be offset by fundamental analysis on the Pound, so be careful.

Price action on USDCAD is about to touch this upper trend line so watch for a break or a bounce today.

Keep in mind that this pattern appears to be a falling wedge which is almost always a bullish pattern.

US Crude Oil has just filled the gap from 2 weeks ago and is trying to break support of $54.

If we zoom out, we can see that this is also a key 50% fibonacci level.

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

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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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