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Valutrades Market Blast Technicals 12 November 2019


Welcome to this week’s Market Blast Technicals where we will look at AUDUSD, FTSE100, US Oil (WTI), USDJPY and Gold (XAUUSD).



Yesterday we mentioned Gold from a fundamental standpoint and today we see that the bear run continues into support at $1450 which is a key Fibonacci retracement level at 38.2% on the Daily chart.

Screenshot 2019-11-12 at 08.17.57


Watch for a break below or a bounce to the upside.

Screenshot 2019-11-12 at 08.18.13


Last week we looked at a potential ascending triangle on the USDJPY Daily chart and we have now broken resistance and price is at the next key level.

However, we see a rising wedge forming which is often a bearish pattern.

The bull run on WTI may be stalling at $57 but keep an eye on this upward trend channel for any indication of future direction.

Fundamentals may be affecting the FTSE 100 but many investors are clearly taking the opportunity to “buy the dip” as the UK election nears.

And, finally, we see the beginnings of a bear run on AUDUSD but watch for this Falling Wedge pattern which is often a bullish signal.

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

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