Brent starting downtrend? [Video]

Brad Alexander FX Large Limited

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.

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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.

Author

Brad Alexander

FX Large Limited

Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.

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