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Trading Gold in Descending Triangle. Short NZDUSD. Webinar Tonight!

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades today we will take a look at AUDUSD, NZDUSD, the China A50 Index, and Gold (XAUUSD).

 

Today we see price action on Gold in a descending triangle with support at around $1795.Screenshot 2021-07-27 at 10.21.47

As we know, descending triangles can go either way so, if price action breaks this level of support, we see the next level below at $1774, and a break of the upper trend line could see us returning to previous levels of resistance.

Keep an eye on the Stochastic Oscillator which, right now, is displaying an Oversold signal.

If you have been watching the news you will know about the dramatic fall of the Chinese and Hong Kong equity markets.Screenshot 2021-07-27 at 10.22.28

If we look at the China A50 we see this key level of support in our post-COVID Fibonacci and we will look at this again next week.

Yesterday we spotted a potential short trading opportunity on NZDUSD.Screenshot 2021-07-27 at 10.22.38

Price has just bounced off the upper trend line and Stochastics are showing us an Overbought signal but don’t forget about this week’s FOMC meeting with any USD trades.Screenshot 2021-07-27 at 10.22.51

We see a similar opportunity with AUDUSD and don’t forget that the current turmoil with the Chinese equity markets may have a negative impact on both NZD and AUD.Screenshot 2021-07-27 at 10.23.02

Don’t forget to register for tonight’s webinar.

A link will be available at the end of this video.

Thanks for watching and don’t forget to 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 later in the week with our trading tips video.

CFDs and FX are leveraged products and your capital may be at risk.27 July 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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