Gold on the Rise Again. Trading NZDUSD & AUDUSD in Double Bottom.

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades today we will take a look at Gold (XAUUSD), EURAUD, AUDCAD, AUDUSD and NZDUSD.

Yesterday we promised to look at USD pairs from the technical side but both the Reserve Banks of Australia and New Zealand issued Monetary Policy statements that strengthened their currencies.

NZDUSD, for example, broke this upper trend line and is trying to break this double bottom.

We see several key levels above and we note the higher lows at the bottom, and we see that resistance above is also the 50% Fibonacci level.

Looking at AUDUSD from the same perspective, we see that the 61.8% Fibonacci level was key support for many weeks and that the 38.2% level is the neckline for this potential double bottom.

Take note, however, contrary to NZDUSD, we have lower lows at the bottom and we might be better waiting to see what happens at this level of resistance.

Looking at other AUD pairs, we are at a key level of support on EURAUD and we have clearly broken this bullish trend.

On AUDCAD we may have a short opportunity as price action is approaching this upper trend line.

If we look at this Fibonacci retracement based on the Gold bull run from the end of March to the end of May, we see that price action has broken out of this range.

A weaker USD and news of more Central Banks buying Gold may have us reaching key levels of resistance.

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That’s all for now.  Happy trading with Valutrades and we will see you later in the week with our trading tips video.

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