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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