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Trading Short on Gold? Webinar on Signals Tonight! Trading CADJPY Short.

   

Welcome to this week’s Market Blast Technicals.

Free Valutrades Signals!  Click here: https://www.valutrades.com/en/trading-signals

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.Screenshot 2021-11-23 at 11.26.34

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.Screenshot 2021-11-23 at 11.26.54

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.Screenshot 2021-11-23 at 11.27.17

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.

And, don’t forget to register for tonight’s webinar on Trading Opportunities using Valutrades Real-Time Signals, and you can find details on the Valutrades Website.Screenshot 2021-11-23 at 11.27.30

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.Screenshot 2021-11-23 at 11.27.42

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.Screenshot 2021-11-23 at 11.27.58

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.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

Also, subscribe to our YouTube channel and register on the Valutrades website to get notifications on new content as it happens.

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.23 November 2021 Technicals EN TN

 

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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