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Valutrades Market Blast Technicals 19 November 2019

   

Welcome to this week’s Market Blast Technicals where we will look at CADJPY, NZDUSD, USDJPY, EURGBP, GBPUSD, US Oil (WTI).

19 November 2019 Technicals

US Crude Oil has been trending up for over a month now and on the H4 chart, price is on this lower trend line and stochastics are showing us an OverSold indication.

Screenshot 2019-11-19 at 09.25.53

The Pound is getting stronger against most currencies due to fundamental reasons but watch the key level of $1.30 on GBPUSD which has proven to be an important line of support and resistance as we can see from this Daily chart.

Screenshot 2019-11-19 at 09.26.38

Also, on EURGBP we are approaching a key level of £0.85 which we haven’t seen since March of this year.

On USDJPY we have been in a ranging market for over a month now and we see a pennant forming.

In the short term stochastics show us an OverSold indication and price action is attempting to bounce off this lower trend line.

Keep an eye on NZDUSD as we see a pennant forming as a consolidation pattern after last week’s big bullish move.

Also, we will be watching this bearish market on CADJPY as we have just bounced off this upper trend line and we see a possible falling wedge forming this week.

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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