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Gold (XAUUSD) at Lower Trend Line. Gold Spreads at 5 Cents! USDJPY at 20-Year Highs!

   

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 USDCAD, USDJPY, the S&P500 (US500), and Gold (XAUUSD).

 

The desire to buy Gold is still with us but the strength of USD has driven price action down to this lower trend line.Screenshot 2022-06-07 at 13.03.23

The Stochastic Oscillator is bearish but showing oversold so we will watch geopolitical events (which always affect gold), the strength of USD, and an upturn of our indicators.Screenshot 2022-06-07 at 13.03.37

If you want to “Swing Trade” Gold you may use the  “GoldAug” contract or, if you want to trade on the shorter term, XAUUSD has spreads as low as $0.05.Screenshot 2022-06-07 at 13.04.50

Price action finally broke the Rising Wedge on GBPUSD and, as we predicted, it was a bearish indication.Screenshot 2022-06-07 at 13.05.01

We have to look at the Monthly chart to see such high levels on USDJPY which just touched 133.

We haven’t seen this for over 20 years so, like many of us, you may want to trade the reversal.

Just be careful!

Last week we looked at the S&P 500 which, like many markets, has broken this upper trend line.Screenshot 2022-06-07 at 13.05.09

However, price action is now forming this consolidation pattern which could be a Descending Triangle if we reach support at around 4075.

The Stochastic Oscillator is clearly bearish right now so we will keep an eye on this.Screenshot 2022-06-07 at 13.05.25

Yesterday we looked at USDCAD and we see the battle between Oil and USD.

Price action is fighting the downtrend and the Stochastic Oscillator is looking bullish but we will wait for it to fall from overbought before we sell USDCAD.       

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.7 June 2022 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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