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Valutrades Market Blast Technicals 13 August 2019


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

13 August 2019 Technicals

On the EURUSD 4-Hour chart we can see a clear range between the 50% and 38.2% Fibonacci levels with clear support in the 1.118 area.

Screenshot 2019-08-13 08.59.47

If we zoom in to the 1-Hour chart, we can see lower highs so watch for a descending triangle forming on support here.

Screenshot 2019-08-13 09.00.03

The correlation between the Canadian Dollar and WTI is still around and we can clearly see the decline in US Crude Oil directly affecting USDCAD.

The downtrend is marching on toward support at the yearly lows of $50.50 per barrel so watch for a descending triangle here.

USDCAD is near the lower trend line of an upward trend and with lower US Oil, a stronger USD, this may continue.

Yesterday we looked at Gold from a fundamental standpoint and, as we thought, we reached the $1525 level.

We can see how important the 38.2% Fibonacci level was and the next level up is the 61.8% at around $1590 per ounce.

And finally, when we see a big countertrend move like this, we may see a reversal so let’s keep an eye on AUDNZD and wait for a a descending triangle or perhaps a double top.

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.