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Will Silver “Fill the Gap”? EURUSD at Support.

   

Welcome to this week’s Market Blast Technicals where we will look at NZDUSD, EURUSD, Gold (XAUUSD), Silver (XAGUSD), and Brent Crude (UK Oil).

 

Yesterday we promised to take a look at crude oil from a technical standpoint and it seems that it has already broken out of its consolidation pattern and may be heading for resistance at $57.30 a barrel.Screenshot 2021-02-02 at 11.06.14

If we zoom out to the Daily chart we can see that this key level was support during August and September of 2019.Screenshot 2021-02-02 at 11.06.24

Price Action very often likes to fill the gap and Silver may be trying to do that just now after yesterday’s rally.

As we showed yesterday, price couldn’t break resistance.Screenshot 2021-02-02 at 11.06.38

As Gold followed Silver yesterday, price action has indeed filled the gap and, if we zoom out to the daily chart, we can see that price might be heading back to the 38.2% level of Fibonacci support.Screenshot 2021-02-02 at 11.06.45

EURUSD has fallen to $1.206 from January and December and price action is forming a descending triangle so we will keep an eye on this support and the upper trend line.Screenshot 2021-02-02 at 11.06.54

Speaking of consolidation, price action on NZDUSD is forming a symmetrical pennant with price right in the middle at $0.717.

To see this kind of New Zealand Dollar strength, we need to look at the weekly chart where price was here 3 years ago and further back.

If you want to trade any of these pairs, the technicals are important but don’t forget to watch the fundamentals as the US Congress will be debating the next Coronavirus stimulus package which will affect the USD.

Thanks for watching and don’t forget to subscribe to our YouTube Channel and register on the Valutrades website to get notifications on new content as it happens.

That’s all for now.  Happy trading with Valutrades and we will see you later in the week with our trading tips video..

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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