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Valutrades Market Blast Technicals 30 July 2019


Welcome to this week’s Market Blast Technicals where we will look at EURUSD, USDCAD, USDJPY and AUDUSD.

30 July 2019 Technicals

But first let’s review an indicator that we might not use very often — the Average True Range (ATR).

EURUSD, for example, on the Daily chart shows us a declining ATR from 91 pips in January to 44 pips today which indicates a lack of movement in the markets so we may need to review our strategies to compensate.

Screenshot 2019-07-30 09.11.41

Also, we are currently at a key level of support and price, in the last 3 months, has tried to break 1.11 so for longer term trades we will wait for a break below or a bounce to the upside.

Screenshot 2019-07-30 09.12.01

We see a similar situation on the ATR of AUDUSD where we have dropped from February’s 66 pips to today’s 38 pips.

We have however, broken support and there are at least two key levels below before we hit June’s lows.

USDJPY has just bounced off this 38.2% Fibonacci resistance and appears to be ranging but watch this key level at 108 Yen for a break or a bounce.

The 23.6% Fibonacci retracement acts as support for USDCAD and, with this uptrend, our next key level is the 38.2% level at $1.322.

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.