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Trading GBPAUD Short. Gold Consolidating. All Eyes on the Fed Tomorrow.

   

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 USDTRY, Gold (XAUUSD), WTI (US Oil), and GBPAUD.

 

The UK Pound is weaker against all other currencies but watch out for Thursday’s Interest Rate decision.Screenshot 2021-11-02 at 11.33.51

Meanwhile, we see that GBPAUD has retraced thanks to the Reserve Bank of Australia, and this may be a good technical opportunity if price action bounces off this upper trend line soon. Screenshot 2021-11-02 at 11.34.08

We are still in bearish territory with our MACD indicator and the Stochastic Oscillator, but we might want to wait until we see a bearish cross on the Stochastic Oscillator.Screenshot 2021-11-02 at 11.34.19

Moving out to the Daily chart, we see a similar scenario with bearish indicators and that price action has just reached a key level of Fibonacci resistance and we will wait for a bounce.Screenshot 2021-11-02 at 11.34.28

We see price action on Gold consolidating and our oscillators confirm this.

However, as XAUUSD is a pair with USD, watch out for volatility tomorrow with the FOMC meeting and Friday with the Non-Farm Payrolls.Screenshot 2021-11-02 at 11.34.39

We see a similar story with WTI but we are seeing bullish indications from our oscillators this time.Screenshot 2021-11-02 at 11.34.49

We looked at USDTRY last week, after the turmoil in the Central Bank and with Central Government, and we see that the price gap was filled but the Turkish Lira is still very weak.

MACD is still in on the bullish side but heading lower and price action is consolidating into a Symmetrical Pennant which, in this case, could break out either way.Screenshot 2021-11-02 at 11.35.02

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.2 Nov Technicals EN TN

 

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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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