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Trading NZDUSD Long. Gold Price Action Continues Down.

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look today at AUDUSD, GBPNZD, Gold (XAUUSD), and NZDUSD.

Yesterday we promised to look at NZDUSD from the technical side.

NZDUSD has fallen almost 5 cents from its 5-year high in February and we can see that Fibonacci is plotting support and resistance with key levels at almost every stage.Screenshot 2021-04-13 at 11.17.56

We also see support at $0.70 and we are watching the Stochastic Oscillator to give us a bullish signal in what might be a new uptrend.Screenshot 2021-04-13 at 11.19.53

Last week we spotted this classic Double Bottom and we warned that price needs to break the neckline on Gold before going long and that price might go into a ranging market as it did one year ago.Screenshot 2021-04-13 at 11.18.17

As we can see, price action is now still following the current downtrend and heading back to the key level of support at $1680.

It seems that Fibonacci agrees with us and we will keep an eye on these levels.

Yesterday, we looked at GBP from the Fundamental view and it seems that the reopening of the economy and a successful vaccination program has helped the Pound.Screenshot 2021-04-13 at 11.18.28

On the technical side, take a look at current trends like this one on GBPNZD but watch out for key levels like this one at $1.96.Screenshot 2021-04-13 at 11.18.39

Price on AUDUSD is currently at support at $0.76 and is clearly consolidating in this descending triangle so we will watch for a break either way.

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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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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