Charts of the Week: False breakout in the GER30; USOIL resumes downtrend

AxiTrader

Prominent CFD and FX brokerage AxiTrader looks at insights from four analytical chart patterns that stood out this week

In this Guest Editorial, the management team at AxiTrader look at technical aspects of importance in retail trading, focusing on charting and analytic patterns during the course of this week.

GER30 had a false breakout this morning, with the index briefly trading above 13,300 points. With the earnings season almost over, and no major progress in the trade talks between the USA and China, there is a lack of momentum. The quick reversal at the US open suggests that the DAX bulls are slowly losing the control. In the near-term a consolidation between 13.130 and 13.310 points seems likely.

GBPUSD is trading within a descending channel, and is struggling to break above the psychological resistance level at 1.30. Price action has been relatively calm in the past few days, but volatility is likely to increase sharply ahead of the December UK General Election. To the topside, traders will be keeping a close eye on the 1.30 level, while support is noted at 1.2880 and 1.2750.

XAUUSD has recovered slightly amid renewed Dollar weakness, but demand remains rather weak as the mood in global markets is still positive. Key resistance is noted between $1475 and $1480, and a clear break above that area would help Gold bulls to regain the upper hand and pave the way for another rally towards $1500.

USOIL recently broke below the rising trendline from the November low, suggesting we could potentially see a test of $54.90-$55.00 support in the near-term. The commodity is still struggling to find a direction, but the overall downtrend remains intact.

The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.
Find out more at AxiTrader here.
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<