Welcome to this week’s Market Blast Technicals.
I’m Brad Alexander and on behalf of Valutrades let’s take a look today at WTI (US Oil), Gold (XAUUSD), EURNZD, and NZDUSD.
Last week we looked at the crash of the NZD and, as we expected, a bit of patience gave us some opportunities.
On NZDUSD we see the obvious reversal and the Stochastic Oscillator was well oversold and reversed to the upside on the daily chart.
But, if you caught our fundamentals video yesterday you’d know that the USD is strong so the trade we preferred was the EURNZD.
EURNZD reversed from a key level and the Stochastic Oscillator was well into overbought territory and reversed giving us a great entry point and we see the downtrend continuing.
Last week, as well we advised you to look at a short on Gold and we did, in fact, break out of this descending triangle yesterday and is still falling and the next key level below is $1680.
If we zoom out to the weekly chart, we can see just how dramatic the fall in XAUUSD has been.
We see WTI and Brent Crude trying to break resistance in this ascending triangle with the next key level above at over $63.
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That’s all for now. Happy trading with Valutrades and we will see you later in the week with our trading tips video.
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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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