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WTI and Brent Crude Consolidating. USDCHF at Support.


Welcome to this week’s Market Blast Technicals where we will look at the S&P 500 (US 500), NZDJPY, USDCHF, WTI (US Oil), Brent Crude (UK Oil), Gold (XAUUSD), and the FTSE 100 (UK 100).


Yesterday we looked at the FTSE 100 from a fundamental point of view and today we can see a clear bearish channel so we will watch this upper trend line to confirm a continuation of the trend.Screenshot 2020-09-15 at 10.37.17

Adding indicators like Bollinger Bands and the Stochastic Oscillator helps us spot entry points on the reversals.Screenshot 2020-09-15 at 10.37.29

This oscillator can also help us find entry points on Gold which is currently consolidating in this symmetrical pennant with price at the upper trend line.

Also, using Fibonacci on the drop in price from last month, we see that price action is on the 50% level and the 23.6% level has been acting as support.Screenshot 2020-09-15 at 10.37.40

Looking at the one-hour chart on Brent Crude we see a descending triangle with solid support at $39.35 per barrel.

As we know, consolidation patterns like this may go either way once we see a breakout.

From the other side of the Atlantic, we see consolidation on WTI in the form of a symmetrical pennant so we will keep an eye on both the upper and lower trend lines.

Price action on USDCHF has shown us support from late July with two attempts to break below.

The next break could see us reach the next key level at $0.90.

We need to look at the weekly charts to see price so low from over 5 years ago.

We are starting to see strength returning to the NZD this month and we are keeping an eye on this ascending triangle on NZDJPY with resistance at 71 Yen.

And, finally, we looked at the S&P 500 yesterday and we see the move to the upside was a clear bounce of this lower trend line.

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


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