Welcome to this week’s Market Blast Technicals where we will look at AUDJPY, USDCHF, Gold (XAUUSD), the Dow Jones Industrial Average (US30), WTI (US Oil) and Brent Crude (UK Oil).

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We have seen a clear uptrend in Crude Oil all last month and we see both WTI and Brent Crude consolidating in anticipation of Thursday’s OPEC meeting so watch both the technicals and fundamentals on Crude.

Yesterday we suggested, “Buying the Dip” on the Dow Jones Industrial Average and the levels have in fact gone up.

We will, however, keep an eye on these bullish trend lines and we note that the Stochastic Oscillator has been a good indicator to follow reversals.

Gold has dropped below the 200 Day Simple Moving Average for the first time since the big COVID Sell-off.

Looking at the 4-hour chart, we see a minor rebound today but keep an eye on the Stochastic Oscillator and wait for an overbought signal before getting back into the downtrend.

If we look at our Post-COVID Fibonacci on the Daily chart, we see that price action just touched the 50% level yesterday and, if we break below, we have strong support at the 61.8% level at $1,688.

Since our video yesterday, USDCHF rallied but has reversed and we see that the Stochastic Oscillator has just crossed from overbought and we will keep an eye on this overall downward trend.

We see AUDJPY in this ascending triangle with strong resistance just below 77 Yen.

If we break below, we see several key levels of support and, if we zoom out to the daily chart, we can see that if we break above, the next key level from August is our resistance.

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

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