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Trading Long on AUDUSD. Trading Short on USDJPY. Gold Gaps to the Downside.

   

Hey Valutraders!  Did you see this opportunity on AUDUSD?

Subscribe to Free Valutrades Signals at https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at Gold (XAUUSD), Natural Gas, USDJPY, USDCAD, and AUDUSD.

Yesterday’s excellent American PMI figure sent most USD pairs flying.

Price action on AUDUSD hit this lower trend line, then the Reserve Bank of Australia announced its Interest Rate Decision and price reversed, right on cue.Screenshot 2022-12-06 at 18.42.55

The Stochastic Oscillator is looking oversold as well.Screenshot 2022-12-06 at 18.43.03

In fact, most USD pairs are exhibiting the same price action, except for USDCAD.

Remember, we want to trade with the trend. Not against it.Screenshot 2022-12-06 at 18.43.10

However, keep an eye on USDCAD as we may be seeing a consolidation pattern, like an Ascending Triangle forming here.

USDJPY is more in keeping with the trend-trading concept and we may want to sell the pair as it makes contact with this upper trend line.Screenshot 2022-12-06 at 18.43.17

Here again, the Stochastic Oscillator is at its extremes and turning over.

Yesterday we promised to look at Natural Gas and it seems that fundamental forces are driving price action and the gap may not be filled.

It looks like it may have broken this key level of support with the next level below at $5.00.Screenshot 2022-12-06 at 18.43.33

Also, our indicators, the Stochastic Oscillator, MACD and the Parabolic SAR are all looking quite bearish.

And finally, the US PMI numbers caused price action on Gold to fall with a gap.Screenshot 2022-12-06 at 18.43.43

The Stochastic Oscillator is showing quite oversold and the D line has just crossed the K line turning upward.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

Also, 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 next time.

CFDs and FX are leveraged products and your capital may be at risk.6 December 2022 Technicals 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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