Brad Alexander
FX Large Limited
Welcome to this week’s Market Blast Technicals.
I’m Brad Alexander and on behalf of Valutrades, today we will look at USDTRY, GBPAUD, EURUSD, EURGBP, Gold (XAUUSD), and USDCHF.
We see a ranging market in USDCHF with the classic trading opportunities with price action passing through upper and lower Bollinger Bands and confirmation from the Stochastic Oscillator.
With typical low liquidity, this ranging market may continue with many more opportunities for you.
The same situation is appearing with Gold as it ranges between lows of $1762 and $1810.
We saw an obvious narrower range in between, with the corresponding confirming indicators.
EUR is trying to rebound against all currencies except CHF.
However, EURGBP has hit resistance with lower highs and lower lows and with the Stochastic Oscillator turning lower from overbought.
Price Action on GBPAUD is forming a symmetrical pennant so we will be looking for a breakout soon.
Yesterday we looked at a potential reversal on USDTRY and price reached well over 18 Lira to the Dollar.
Turkish president Erdogan has indicated that more Interest Rate cuts (which is bad) will be coming but he offered deposit guarantees on Turkish Lira (which is good) and we can see what happened.
However, as we speak, TRY is getting weaker again.
See you soon and have a great Christmas!
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
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