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Trading GOLD in Rising Wedge. Key Fibonacci Levels on USD Pairs.

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades, today we will look at Gold (XAUUSD), WTI (US Oil), USDCAD, GBPUSD, AUDUSD and NZDUSD.

 

We see NZDUSD heading lower after price action bounced off this upper trend line and the Stochastic Oscillator is still moving lower.Screenshot 2021-10-05 at 10.57.59

The bounce was also linked to the 38.2% Fibonacci level but we need to break the 23.6% level to see if price will go lower.Screenshot 2021-10-05 at 10.58.15

A similar story can be told with AUDUSD as the Reserve Bank of Australia maintained their current Rate of Interest this morning.Screenshot 2021-10-05 at 10.58.25

And…more of the same with GBPUSD as price action has just bounced off this upper trend line, and Stochastics are moving lower.Screenshot 2021-10-05 at 10.58.42

As well, the 23.6% Fibonacci level is the next key level of support.Screenshot 2021-10-05 at 10.58.52

This stronger USD is affecting USDCAD as well, but so is the slight pullback of the price of WTI.

There is talk of a bull run on Gold and we see higher lows and bullish signals on the Stochastic Oscillator.Screenshot 2021-10-05 at 10.59.12

However, we will keep an eye on price action as the pattern that is forming right now might turn out to be a Rising Wedge which is actually a Bearish signal.

Let’s see what happens over the next few days, going into the critical US Non-Farm Payroll and Employment reports on Friday.

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.5 Oct Tecnicals 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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