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Trading Gold in the Range. Trading AUDCHF in Rising Wedge.

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades today we will take a look at AUDCHF, CADJPY, EURJPY, and Gold (XAUUSD).

 

Last week we looked at the rising price of gold but now it seems to be stuck in this range with the current price of $1811 representing a key level.Screenshot 2021-07-13 at 10.45.37

If we look at the Fibonacci retracement from the last downtrend, we see that price has been ranging between the 23.6% level and the 38.2% level.Screenshot 2021-07-13 at 10.46.06

However, if we look at the H1 chart, we can see that the uptrend is still in effect despite yesterday’s violent price action.Screenshot 2021-07-13 at 10.46.28

Yesterday we promised to look at JPY pairs ahead of Japan’s Interest Rate Decision.

We can clearly see which pairs are currently trending down.

The concept with trading news events like Interest Rate Decisions is to look for counter-trend moves in price action.Screenshot 2021-07-13 at 10.46.49

For example, on EURJPY, which is currently trending down, if the news temporarily drives price action into this upper trend line, and your confirming indicator like the Stochastic Oscillator shows Overbought, you may have a great short opportunity.Screenshot 2021-07-13 at 10.47.02

CADJPY, as well can create a similar opportunity and, don’t forget, both the Bank of Canada and the Bank of Japan are announcing Interest Rate Decisions this week.

You may have noticed a sudden move in price action on most CHF pairs.

Many traders are trading the rebound but be careful.Screenshot 2021-07-13 at 10.47.23

We see Rising wedges forming on many pairs like this one on AUDCHF and this is very often a bearish pattern.

This may simply be signalling a continuation of the current downtrend.

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.13 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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