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Valutrades Market Blast :: Technicals :: 9 July 2019

   

Welcome to this week’s Market Blast Technicals where we will look at the Gold (XAUUSD), GBPCAD, USDJPY, AUDUSD and GBPUSD.

9 July 2019 Technical

Gold has been busy filling gaps during the last few weeks and now we see a familiar pattern starting to form.

Screenshot 2019-07-09 09.21.23

Notwithstanding geo-political events, we may have an opportunity to trade the range so watch your trend lines here.

AUDUSD is currently trying to break support so watch for a break below and a possible fall to the next key levels or a bounce and a break of this descending triangle.

If you saw yesterday’s video we promised to look at GBPCAD from a technical standpoint but we have to go to the weekly charts to see this free fall hitting support from two years ago and the next key level at $1.62.

The UK Pound, of course, is suffering from Brexit and political uncertainty, and we note that GBPUSD is at a key level of support from about 8 months ago.

If GBPUSD breaks this, we still have room to fall.

USDJPY has tried to break resistance just below 109 yen.

Even though we have recently broken this bearish trend line we will need to see either a break or a bounce off resistance, or this key Fibonacci level, to get some direction.

Depending on where you like to draw your trend lines, keep an eye on USDCHF as we are sitting at a key level of resistance and price action is attempting to break this upper trend line.

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

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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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