Hey Valutraders! Did you see this opportunity on AUDUSD?
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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.
The Stochastic Oscillator is looking oversold as well.
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.
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.
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.
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.
The Stochastic Oscillator is showing quite oversold and the D line has just crossed the K line turning upward.
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