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Valutrades Market Blast Technicals 27 August 2019

   

Welcome to this week’s Market Blast Technicals where we will look at AUDNZD, USDJPY, US Oil (WTI), USDCAD, EURGBP, GBPUSD and the Pound Crosses.

27 August 2019 Technicals

We will listen for Fundamentals on Brexit, we also watch the technicals on GBP with Cable just above $1.22.

Screenshot 2019-08-27 09.07.15

However, the trend channel is more obvious on EURGBP and GBPCAD but we need to see a bounce or a break before we can determine its true direction.

Screenshot 2019-08-27 09.07.38

Earlier we spotted this ascending triangle on USDCAD and it looks like we have just broken the lower trend line so, with CAD strength and USD weakness, we will watch for the next key levels.

However, the CAD is affected by the price of WTI and we have seen a slight rally this week but be aware of this bearish trend channel and a possible pennant forming.

If you like Fibonacci, you will see how important each level can be so we will keep an eye, as well, on the 38.2 and 23.6% levels watch for a bounce or a break in either direction.

Looking at USDJPY, we can see the flights to safety, and out again, but these key levels of support and resistance are critical, in the 106.6 zone and the 105.2 Yen zone.

Many traders have been long AUDNZD for some time but price has met resistance here but, with a break, we note resistance here from earlier in the year.

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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