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AUDUSD and Gold (XAUUSD) Marching Lower. EURUSD Approaching Support.


Welcome to this week’s Market Blast Technicals.

Free Valutrades Signals! Click here:

I’m Brad Alexander and on behalf of Valutrades, today we will look at EURUSD, AUDUSD, and Gold (XAUUSD).

Last week we saw that Gold had broken the 50% Fibonacci level of support.

It then moved back above, created a double top, and has broken even lower to the point where the 50% level is now a level of resistance.Screenshot 2022-05-10 at 11.11.13

We see bearish indications on the Stochastic Oscillator but we will wait for a reversal here in both price action and our indicators.Screenshot 2022-05-10 at 11.11.25

If we add MACD to the chart we see that it has been below the “zero” line since mid-April and continues bearish.

Also, don’t forget that strong USD!

Also, last week we looked at an ideal counter-trend trade as Australia raised its Interest Rates and drove price action against the trend.Screenshot 2022-05-10 at 11.11.40

Patience was necessary as we waited for price to reach the upper trend line, the Stochastic Oscillator to return from overbought, and the MACD signal line to exit the histogram.

Technical indications are still bearish and, don’t forget that strong USD.Screenshot 2022-05-10 at 11.11.48

If we move out to the daily chart, we can see that price action has broken a key level of support and the psychological level of $0.70.

If we look at any USD chart we see strength and this will be tested soon as we look at this weekly EURUSD chart.Screenshot 2022-05-10 at 11.11.58

The last time we saw this kind of support was in 2014 and even lower in 2016.

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That’s all for now. Happy trading with Valutrades and we will see you next time.

CFDs and FX are leveraged products and your capital may be at risk.10 May 2022 Technicals EN TN



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