Hey Valutraders! Have you seen this Rising Wedge on Gold today?
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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at AUDCAD, EURUSD, USDJPY, and Gold (XAUUSD).
Yesterday we promised to take a look at Gold from the technical side as we saw price action on XAUUSD rising due to the temporary weakness in the USD.
Here we see a Rising Wedge which is often a bearish signal.
If we move out to the daily chart we can see what could be the formation of a Double Bottom but the Stochastic Oscillator may have other ideas and this upper trend line might also be a point of reversal to the downside.
Yesterday, we asked the question about how low can the JPY go.
The weakness of the Japanese Yen is still a fundamental story but investors are looking forward to next year when the governor of the Bank of Japan leaves.
In the meantime, we see a symmetrical pennant on USDJPY but unless price action breaks this lower trend line we could see further JPY weakness.
EURUSD has risen above parity and we saw price action rise, touch the upper trend line, and then retreat to $1.01.
The Stochastic Oscillator is looking bearish as well but we need to monitor the situation before opening a short position if the USD gets stronger.
AUDCAD looks interesting to us as price action has been following a bearish channel for about a month now.
The Stochastic Oscillator is still looking bullish but price has reversed to the downside off this upper trend line.
If we add indicators like the Parabolic SAR and MACD, we still see bullish indications so we may want to wait on this one before selling short.
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