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Trading NASDAQ. Trading a CADJPY Reversal? Gold Ranging in Fibonacci


Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades, today we will look at the NASDAQ (US100), AUDCAD, NZDCAD, CADJPY, and Gold (XAUUSD).

Gold is still consolidating with a slightly bearish bias on the Stochastic Oscillator but we see a strong level of support at the 23.6% Fibonacci level at $1748.Screenshot 2021-10-12 at 10.45.50

If we break this level, the next target below is the $1721 low from September.

Yesterday we promised to look at the key levels on CAD and, with its current strength, we have to use the Daily charts to find these levels.Screenshot 2021-10-12 at 10.46.37

For example, if we compare the strongest currency to the weakest currency, we have CADJPY approaching its May high of 91 yen and the Stochastic Oscillator displaying Overbought.

If you are eager to look for a big reversal, the 4-hour chart shows the Stochastic Oscillator already heading lower and the MACD signal line might break out of its histogram soon.

However, pay attention to the Fundamentals on both these currencies before you trade against the trend.Screenshot 2021-10-12 at 10.46.58

We have a similar story on NZDCAD as we are approaching a key level of support at $0.86 from June of this year and a couple of times last year.Screenshot 2021-10-12 at 10.47.13

The situation with AUDCAD is much simpler with price action just bouncing off this upper trend line and the Stochastic Oscillator turning from overbought in this downtrend.Screenshot 2021-10-12 at 10.47.27

We have said many times that our “Buy-the-Dip” strategy on the S&P 500 is broken but we see a possibility with the NASDAQ as price action has reached a lower trend line.Screenshot 2021-10-12 at 10.47.45

We will wait, however, until we get an entry signal from our Stochastic Oscillator, MACD, or both.

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.12 Oct EN TN



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.