Trading Short AUDUSD. CADCHF in Ascending Triangle. Weakest Currency = JPY.

Hey Valutraders! The Japanese Yen is still the weakest currency?

I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at CADCHF, AUDCHF, AUDUSD, EURJPY, and GBPJPY.

Overall the JPY is the weakest currency as its value has been sliding for months as the Bank of Japan refuses to raise rates.

However, if we zoom In on various pairs, we are starting to see bearish technical patterns such as Rising Wedges on CADJPY and CHFJPY, and Ascending Triangles on GBPJPY and EURJPY.

If the JPY is the weakest long-term currency, the AUD is the weakest short-term currency with the value falling for one week now.

In fact, we can see quite a few short opportunities.

Price action on AUDUSD has just reached the upper trend line but wait for confirmation from your favourite technical indicators like the Stochastic Oscillator.

We see the same situation on AUDJPY but be aware of trading 2 weak currencies.

AUDCHF is also looking good as a Sell trade but price action may have already broken through the upper trend line.

As well, wait for confirmation and a break below this key level.

We promised to look at CAD pairs today and we see strength as we pointed out yesterday.

However, on CADCHF we see an Ascending Triangle.

If we look at the daily chart we see that price action is very close to this key level so be careful with a long trade.

On the short side, we need to see a break below this key level.

Yesterday we looked at GBPUSD Sell trade but price action may have already broken through this upper trend line so we will need to reconfirm this.

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