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Gold (XAUUSD) in Descending Triangle. Trading Short on AUDUSD. JPY Weaker…Again!

   

Hey Valutraders!

Subscribe to Free Valutrades Signals at https://www.valutrades.com/en/trading-signals

Have you seen this chart pattern on Gold?

I’m Brad Alexander and in this week’s Market Blast Technicals we’ll take a look at the NASDAQ (US100), AUDUSD, AUDJPY, and Gold (XAUUSD).

 

We seem to have a solid level of support at $1807 on Gold and both the Stochastic Oscillator and MACD are looking bearish.Screenshot 2022-07-05 at 10.15.01

If price action breaks this level of support, the next level below is $1790.Screenshot 2022-07-05 at 10.15.09

If we move in to the 4-hour chart we can clearly see the bearish trend.

Yesterday, we talked about the counter-trend trading opportunities based on the Reserve Bank of Australia raising Interest Rates.Screenshot 2022-07-05 at 10.15.18

The trades are setting up nicely as, as predicted, price action rose to reach the upper trend line in this bearish trend and the Stochastic Oscillator has just turned down from Overbought.Screenshot 2022-07-05 at 10.15.27

We see similar situations on AUDJPY, AUDCAD, and EURAUD but watch the fundamentals on EUR.

Last week we warned you about the rally of the US  Indices like the NASDAQ and price action crashed that afternoon.Screenshot 2022-07-05 at 10.15.42

Today, however, we have a bullish Stochastic Oscillator, the MACD Signal Line breaking out of the Histogram, and good Fundamental news that the US may pull back on Chinese tariffs.Screenshot 2022-07-05 at 10.15.58

If we move out to the daily chart we see bullish indications on our indicators and room to move to the upside to this upper trend line.Screenshot 2022-07-05 at 10.16.11

And, don’t forget to register for our 19 July webinar on Analysing Currency Pairs.Screenshot 2022-07-05 at 10.16.26

Continuing with our JPY-watch, it was weaker again but the best short opportunity might be with AUDJPY as we pointed out earlier.

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.5 July 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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