Welcome to this week’s Market Blast Technicals where we will look at GBPNZD, USDJPY, WTI (US Oil), Gold (XAUUSD) and AUDUSD.
After a bull run into the beginning of December, AUDUSD is consolidating into this descending triangle, so we will wait for a bounce to the upside or a break of support.
We note, as well that the top and base of this triangle are also key Fibonacci levels.
We are still watching this downward movement on Gold which as we showed earlier, may be forming a falling wedge.
We can easily see what happened the last time we had a falling wedge on gold in April of this year.
Since the beginning of October US Oil has been trending upward so keep an eye on these trend lines and, of course, the key psychological level of $60 per barrel.
We had been watching this bullish trend on USDJPY but price action seems to have broken the lower trend so we will now watch for a break below this key level at 108.5 Yen.
And, finally, in the battle of the giants, GBP vs NZD, price has just bounced off the upper trend line but watch the fundamentals as well this week on both these currencies before opening a position.
That’s all for now. Happy trading with Valutrades and we will see you next week.
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