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Is the Gold (XAUUSD) Bear Run Over? Trading Short EURUSD, AUDUSD & NZDUSD?

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Hey Valutraders!  Did you see this Selling opportunity on NZDUSD?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at Gold (XAUAUD), Gold (XAUUSD), EURUSD, AUDUSD and NZDUSD.

Yesterday we showed how the USD was getting stronger based on Fundamental Analysis.Screenshot 2023-02-21 at 14.50.48

Today, let’s take a look at some Technical Analysis signs that this might be coming to an end.

Firstly, we see price action on NZDUSD bouncing off the upper trend line and the stochastic oscillator crossing and trying to turn down from overbought.Screenshot 2023-02-21 at 14.50.59

We see a similar situation with EURUSD with the stochastic oscillator already turning down.

Again, on AUDUSD we see the same story.

However, beware!Screenshot 2023-02-21 at 14.51.08

If we move out to the daily chart we see a long uptrend and a pullback in the shape of a falling wedge which is usually a bullish sign.Screenshot 2023-02-21 at 14.51.17

We have the same story with EURUSD.

And again on NZDUSD where price action has reached this level of support.Screenshot 2023-02-21 at 14.51.45

Last week we spotted this Falling Wedge on Gold and price action seems to be trying to break out of it, to the upside.Screenshot 2023-02-21 at 14.52.09

This seems to be occurring on XAUAUD as well with price action breaking the Falling Wedge that we spotted a couple of weeks ago.

Also, the stochastic oscillator has turned up from oversold and a new uptrend may be starting.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

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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.21 February 2023 Technicals EN TN



This post was written by Graeme Watkins

CEO Valutrades Limited, Graeme Watkins is an FX and CFD market veteran with more than 10 years experience. Key roles include management, senior systems and controls, sales, project management and operations. Graeme has help significant roles for both brokerages and technology platforms.

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