WTI trading long or short? JPY at multi-year lows, Nasdaq approaching key Fib support [Video]

Verified Media
· Views 152

Welcome to this week’s Market Blast Technicals. 

I’m Brad Alexander and on behalf of Valutrades, today we will look at the NASDAQ, WTI (US Oil), Brent Crude (UKOil), AUDJPY, and USDJPY.

Yesterday we looked at the fall of JPY and it is still continuing as we see this monthly chart on USDJPY.

Price action is trying to break resistance from 2015 and it has already broken the level from 2007.

We have seen a pullback from yesterday’s levels but many pairs, like AUDJPY, NZDJPY and others, are forming a Cup-and-Handle pattern which can be a bullish pattern.

However, watch out for today’s US CPI figures.

Crude Oil prices are still falling based on slowing demand in China but our next short position might depend on this upper trend line on Brent Crude and the next overbought signal on the Stochastic Oscillator.

Of course, WTI is in the same situation but we will keep an eye on this falling wedge which is usually a bullish pattern.

The NASDAQ has fallen to a key level of support and the Stochastic Oscillator is showing Oversold.

Fibonacci retracements show how important the 61.8% was and price action is falling into the 23.6% level of support.

You will find similar situations on other indices like the S&P500 and the DAX but, again, watch out for today’s US CPI figures.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

If you like, reward to support.


No comment on record. Start new comment.