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