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Trading Gold with Fibonacci, Stochastics and MACD. USDJPY at Key Level


Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look at the NASDAQ (US100), USDCHF, NZDUSD, USDJPY, and Gold (XAUUSD).


Yesterday we spoke about many Central Banks purchasing less gold than before and with no major geo-political events happening, pressure on XAUUSD is to the downside.

Technically, we see price retracing to the upper trend line, the Stochastic Oscillator is indicating overbought but the signal is not clean, and MACD has not quite given us its bearish signal but it is getting close.Screenshot 2021-03-16 at 10.38.56

If we zoom out to the Daily chart we can see the clear downward pressure and the Stochastic Oscillator is also overbought and is almost ready to cross over into a bearish signal so we will keep an eye on this.

Fibonacci gives us a good look at the next few days and weeks with the 50% level acting as key support and resistance, and the 61.8% level as support.

Looking at the major USD pairs, we see mixed strength and weakness but consolidation overall.Screenshot 2021-03-16 at 10.39.10

For example, USDJPY is at key resistance and forming an Ascending Triangle.Screenshot 2021-03-16 at 10.39.18

NZDUSD is rapidly forming a Symmetrical Pennant with the Stochastic Oscillator also showing consolidation.Screenshot 2021-03-16 at 10.39.24

USDCHF is looking like it might continue in its Bullish run as this Symmetrical Pennant might break to the upside with the Stochastic Oscillator crossing from oversold to overbought.

Yesterday we looked at “buying the dip” on the NASDAQ and it looks like a good idea with 2 days of bull candles.Screenshot 2021-03-16 at 10.39.38

Also, MACD is moving out of its bearish oversold histogram and the Parabolic SAR is clearly showing us its bullish side.

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.

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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.