Brad Alexander
FX Large Limited
We have been watching the recovery of the price of crude oil but price action has hit this upper trend line and the stochastic oscillator is very overbought.
Let’s wait for some confirmation before going short on WTI.
We promised to take a look at USDJPY from the technical perspective today and we see a gap in price action on all JPY pairs.
Some pairs have filled the gap already.
We see that USDJPY has hit this level of resistance and has reversed to the downside and the stochastic oscillator has turned down.
The Reserve Bank of Australia announced its Interest Rate increase today so pairs like AUDUSD continued their uptrend after price action bounced off the lower trend line.
We see price action on AUDNZD consolidating into this rising wedge so we will watch for a reversal and a break of the lower trend line.
The downturn in the price of crude oil has affected the Canadian Dollar but price action on USDCAD has just bounced off this upper trend line and the stochastic oscillator is moving down.
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