Gold (XAUUSD) in Symmetrical Pennant. Brent Crude (UKOil) at Support. Strongest Currency = AUD.

Hey Valutraders! Did you see this consolidation on Gold?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at AUDUSD, AUDCAD, Brent Crude (UKOil), and Gold (XAUUSD).

XAUUSD is consolidating ahead of the US CPI figures and tomorrow’s US Fed Interest Rate decision.

If we move out to the daily chart, we can see that price entered from the peak at $2,087 but the prevailing trend started last November at $1,617.

So, price action could go either way and the fundamental events will drive Gold more than the technical levels.

Yesterday we pointed out a ranging market on Brent Crude, which still has a price gap from the opening.

If we move out to the daily chart, we can see just how strong this level of support, at around $72, is.

If we don’t see a break to the downside watch for a bounce back to the top of the range at around $78.

But, wait for confirmation either way.

The AUD is by far the strongest currency and I encourage everyone to keep an eye on all pairs to look for a reversal.

AUDUSD, for example, has price action forming this Rising Wedge which is a bearish pattern.

We see strong resistance at around $0.68.

The daily chart confirms this and price action is at the 38.2% Fibonacci retracement with the Stochastic Oscillator showing very overbought.

Again, watch out for the Fed decision tomorrow.

On AUDCAD we have a similar situation with the Rising Wedge and strong resistance at around $0.91, and the Stochastic Oscillator looking very overbought.

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