Crude: Price Action Forming Potential Bearish Wedge
Matt Simpson | Mar 25, 2015 01:51AM ET
MARKET SNAPSHOT:
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TECHNICAL ANALYSIS:
Across the board I am finding price action to be particularly messy, making momentum trades difficult to indentify. That said below are two charts with potential, with the catalyst most likely to come from combination of US and European data tonight, to provide further direction the USD correction.
WTI: Potential Bearish Wedge
Price action appears to be corrective and forming a potential Bearish Wedge below the 50% retracement level. In an ideal world we will see another drive higher around the 50% level and we can consider fading into any rally with a stop above the 61.8% retrace (and $50) level to target the $44 lows.
AUD/USD: Clinging onto intraday trendline
This trade runs the risk of being over in the flash of an eye. H1 has produced an Evening Star Reversal below the daily pivot and on the cusp of breaking a bullish trendline / diagonal support with 0.7834 being a likely target.
If we miss the break of the trendline then we can seek to fade into any rallies back towards it, with a stop inside the trendline.
Of course, we require the trendline to break for this to work out.
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Alternatively if the trendline holds then we can target the highs / daily R1 area.
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