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Valutrades Market Blast Technicals :: 3 December 2019


Welcome to this week’s Market Blast Technicals where we will look at Gold (XAUUSD), EURUSD, GBPUSD, EURGBP, the NASDAQ (US100), WTI (US Oil), CADJPY and USDCAD.

2 dec Play


USDCAD has been trending up since the end of October but is now consolidating around $1.33 with Stochastics on the H4 chart showing an overbought signal.

Also, this Bollinger Squeeze usually indicates more volatility in the near future.

The correlation between the price of oil and other assets is always good to note such as the recent fall in WTI just before a drop in the major indices, as well as a drop in the Canadian Dollar.

Screenshot 2019-12-03 at 08.57.29


Notwithstanding the fundamentals on Pound Sterling, EURGBP has been trending down for almost 2 months now and price has just bounced off this upper trend line with Stochastics also showing an overbought signal.

Screenshot 2019-12-03 at 08.57.52


GBPUSD is also showing GBP strength but seems to have stalled in this ascending triangle with strong resistance at $1.297 and the next key level at $1.30.

EURUSD is sitting at a key level of support and resistance near $1.108 which also is a Fibonacci 50% retracement level so we need to wait for a break upward or a bounce to the downside before determining direction.

Previously, we showed a falling wedge on the Gold Daily chart and it is still forming so we will keep an eye on this bullish pattern.

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

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