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Valutrades Market Blast Technicals 6 August 2019

   

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

6 August 2019 Technicals

If you caught our video yesterday you will know there is a lot going on and Fundamentals often outweigh Technical Analysis.

Screenshot 2019-08-06 08.31.55

Even with Brexit pressure we see this pennant forming on Cable so watch for a breakout either way.

Looking at the big picture on Gold — the weekly chart — we saw the key level of $1475 yesterday and we did, indeed, hit that and it turns out that this is also a key Fibonacci level of 50%.

So, watch for a break above or perhaps a return to the 38.2% level which has proven substantial in the past.

Screenshot 2019-08-06 08.32.14

USDCAD has been on a bull run since the middle of last month after bouncing off support and we need to watch this lower trend line for another move to the upside.

We have seen resistance at $1.325.

The Canadian Dollar, of course, is driven by the price of US Crude Oil which has been trending down and we see the next key level at just over $54 per barrel.

We’ve seen a huge jump in EURUSD over the last day and we are at a key level of $1.12 but, looking at the bigger picture we are still in a bear run from over one year ago.

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

CFDs and FX are leveraged products and your capital may be at risk.

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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