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Valutrades Market Blast Technicals 8 October 2019


Welcome to this week’s Market Blast Technicals where we will look at Brent Crude (UK Oil), GBPUSD, Gold (XAUUSD), AUDJPY and GBPJPY.

8 Oct 2019 Technicals


GBPJPY has been in a bear run for 3 weeks now and has intersected the upper trend line so we will watch for a break to the upside or a bounce below.

Screenshot 2019-10-08 at 10.19.07


Using Fibonacci on the same chart we see clear support at the 50% level but if we see a break higher, watch the 38.2% level.

We are seeing a similar situation on AUDJPY and we are watching the 61.8% Fib level as support.

Screenshot 2019-10-08 at 10.19.30


Gold may be starting a downtrend as we see lower highs and lower lows but we need to see what happens at key support of $1485 for a decision on short term direction.

UK Oil has filled the gap from 3 weeks ago and seems to be trying to break out of this downtrend.

We will need to see a move away from this key level of $58.50 before we can confirm short term direction.

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

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