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Valutrades Market Blast Technicals 10 September 2019


Welcome to this week’s Market Blast Technicals where we will look at AUDNZD, USDCAD, the DJI (US30), EURUSD and Gold (XAUUSD).

10 September 2019 Technicals

Gold has broken the psychological support of $1500 and this key level with the next levels below in the $1450’s and $1400.

Screenshot 2019-09-10 at 10.05.30

EURUSD has been trending down for almost a year and one-half and the next move down may be seen if we stay below this upper trend line and break support.

All the global stock indices have broken the 50 day moving average resistance with the 200 day moving average as dynamic support.

Screenshot 2019-09-10 at 10.06.17

The Dow Jones Industrial Average, for example, broke through resistance of this triple bottom, a previous key level, and may be heading back to its all time high.

The price of Crude has helped the Canadian Dollar break out of this bullish trend and, as we can see from the Daily Chart on USDCAD we are well below solid resistance on the 23.6% Fibonacci level but will need to break support on the 38.2% level before any more moves to the downside.

The long on AUDNZD, that traders have been following, may be stalling as price could not break resistance and is currently at this key level.

We will need to see some confirmation before we decide on the next direction.

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

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