CAD Stronger. Gold (XAUUSD) Bear Run Stalls on Weaker USD. JPY Opens with a Gap.
Hey Valutraders! Is Gold going back up again?
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I’m Brad Alexander and in today’s Market Blast, let’s look at the S&P 500, AUDJPY, USDCAD, GBPUSD, and Gold (XAUUSD).
Price action of gold has bounced off the upper trend line on the daily chart but we also see bullish indication from the stochastic oscillator and we are watching MACD as the signal line attempts to pass above zero “0”.
We also see a familiar bullish consolidation pattern on gold.
This is all the result of a weaker USD and we need to keep an eye on this to see if the weakness continues.
For example, we see that price action on GBPUSD has broken through this upper trend line.
Speaking of GBP, tomorrow we have employment data due which will be critically important for the Bank of England.
If the figures are lower than analysts’ expectations, then the BoE might consider their Interest Rate decisions which will affect GBP.
As well we have GDP figures due on Wednesday and lots of EUR economic news on Thursday and Friday.
We see some strength in the JPY as the new governor of the Bank of Japan hinted about finally raising Interest Rates.
Price action has opened with a gap on all JPY pairs and AUDJPY has already filled the gap.
We also see CAD strength based on last week’s excellent employment data.
And, investors seem to have “bought the dip” on the S&P 500 as price action bounced off the lower trend line and equity values are increasing again.
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