COVID-19 driving the markets, again indices fall to last week’s levels [Video]
|Welcome to this week’s Market Blast Technicals.
I’m Brad Alexander and on behalf of Valutrades, today we will look at EURNZD, AUDUSD, GBPCAD, Brent Crude (UKOil), the DAX (DE40), and the FTSE (UK100).
We have to start this video with a “non-technical” look at the markets as, just this morning, the CEO of Moderna mentioned that the world may need new vaccines to fight COVID Omicron.
Most Global Stock Indices fell to last Friday’s levels of support and lower like the FTSE100, the DAX, and the Dow Jones Industrial Average.
Price action fell to this level of support, and the Stochastic Oscillator has moved from Oversold, but Fundamental news will be driving investors’ decisions…not technical analysis.
Brent Crude has also fallen to September’s levels of support, based on the predicted lack of demand, and the Stochastic Oscillator is also showing us a bearish indication.
Of course, all of the COMDOLLS fell on the news as Omicron might cause further labour, productivity and supply chain problems.
For example, GBPCAD has reached a key level of resistance.
We have to look at the Daily chart on AUDUSD to see this level of support from August and such bearish indications from the Stochastic Oscillator.
And EURNZD has reached and passed a key level of resistance, and may go higher, and we will watch the Stochastic Oscillator to see if we move down from Overbought.
Overall, we can’t be very “technical” today as, once again, COVID is driving the markets.
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