Welcome to this week’s Market Blast Technicals.
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I’m Brad Alexander and on behalf of Valutrades, today we will look at CADJPY, NZDUSD, and Gold (XAUUSD).
You may remember from last week’s video, Gold was in a Rising Wedge, which is often a bearish pattern.
Well, bearish it was as Gold, along with a stronger USD, has fallen back near the psychological level of $1800 and we may break through this level of support to go lower.
The Stochastic Oscillator has been bearish and the MACD is looking the same on this 4-Hour chart.
If we move out to the Daily Chart we will keep an eye on this lower trend line as price action still has room to move to the downside, the Stochastic Oscillator is still looking bearish, and the MACD signal line has just exited the histogram, which could signal that the bull run is over.
If we look at Fibonacci, we see that price action had bounced off the 50% level of resistance and the next level below is the 23.6% level of support.
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We see continuing USD strength and yesterday’s appointment of Jerome Powell as the US Federal Reserve chairman helped maintain that strength.
If we look at NZDUSD on the Daily chart, we note that price action has reached this lower trend line so we need to see a break to the downside or a bounce upward.
Our oscillators are looking bearish so we need to see a change here if we want to trade a reversal and, don’t forget about tomorrow’s New Zealand Interest Rate Decision which could cause volatility.
No matter how you draw your trend lines, it is obvious that CADJPY is in a downtrend and, with the falling price of Crude Oil, we don’t see this changing any time soon.
The Stochastic Oscillator still looks bearish and, when we move out to the Daily chart, we see even more bearish indications with the next level of support below at the 38.2% Fibonacci retracement.
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