Brent starting downtrend? [Video]
|I’m Brad Alexander and on behalf of Valutrades, today we will look at GBPNZD, GBPUSD, Gold (XAUUSD), Brent Crude and the DJIA (US30).
Yesterday we promised to look at the indices from the technical standpoint but we see that the DJIA has broken the trend line we saw.
Now, price action has dropped to this level of support and there are still levels below.
Just a quick reminder to sign up for today’s webinar on how to set your trading goals, create a trading plan and stick to it.
We can see that price action on Brent Crude opened yesterday with a gap and the gap was filled as it was last week.
On the one-hour chart, we see the start of a downtrend with lower lows, but be careful.
The prices of Brent Crude and WTI are more affected by fundamental events between Russia and Ukraine right now.
We have been watching the consolidation on Gold for a while now and we see price action approaching the upper trend line of this symmetrical pennant on the daily chart.
The Stochastic Oscillator is still looking bullish so we will wait for a drop from Overbought.
We have fundamentals affecting both GBP and USD but we now see that GBPUSD tried to break the 50% Fibonacci level of support.
Overall the weakest currency we are watching this week is NZD and we will keep an eye on our key levels and trend lines and will review this next week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.