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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.Screenshot 2021-07-06 at 10.57.34

 

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.Screenshot 2021-07-06 at 10.57.54

 

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.Screenshot 2021-07-06 at 10.58.07

 

Looking at other AUD pairs, we are at a key level of support on EURAUD and we have clearly broken this bullish trend.Screenshot 2021-07-06 at 10.58.17

 

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.Screenshot 2021-07-06 at 10.58.39

 

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

 

Thanks for watching and don’t forget to 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 later in the week with our trading tips video.

 

CFDs and FX are leveraged products and your capital may be at risk.6 July 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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