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Gold Consolidating. Buying the Russell 2000? WTI in Falling Wedge.


Hey Valutraders!  Have you seen the consolidation on Gold?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at the Russell 2000, the NASDAQ, EURCAD, USDCHF, EURUSD, USDCAD, and Gold (XAUUSD).

Firstly, apologies for this video being one day late.

Thanks to our old friend, COVID, we are a bit behind schedule.Screenshot 2023-04-26 at 19.34.21

We see a symmetrical pennant forming on Gold and some mixed signals as to whether it is a bearish…or a bullish pattern.Screenshot 2023-04-26 at 19.34.37

Well, you may not think it is a bearish pattern if you consider GBPUSD and EURUSD.

In both cases, price action has bounced off the lower trend line and is moving higher, with the Stochastic Oscillator moving higher with it.Screenshot 2023-04-26 at 19.34.43

Where the USD is the base currency, as with USDCHF, we see the opposite with price action bouncing off the upper trend line and the %D and %K lines crossing on the overbought Stochastic Oscillator.

You may recall from Monday’s video that we found CHF to be the strongest currency, but watch out for this level of support at around 0.886.

To see the next level below, from November 2020, we have to move out to the weekly chart.Screenshot 2023-04-26 at 19.35.06

Last week we spotted this opportunity on EURCAD and we hope you were paying attention because look what happened!

Again, we have to look at the weekly chart to see the next key levels above.

So?  Why is the CAD so weak?

The price of crude oil has been falling lately and the Bank of Canada may be ready to pivot on Interest Rates.Screenshot 2023-04-26 at 19.35.17

However, watch out for this level of support on WTI and this falling wedge which may indicate a reversal for crude oil.Screenshot 2023-04-26 at 19.35.27

Monday, we promised to look at “Buying the Dip” on the NASDAQ and, if you did, you made the correct call.Screenshot 2023-04-26 at 19.35.41

However, another US Index, the Russell 2000 did not do so well.

We will watch this as investors would like to see all the US Indices going in the same direction.

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.26 April 2023 Technicals EN TN



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.