Hey Valutraders! It looks like the Indices filled yesterday’s gaps.

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at GBPUSD, the S&P 500 (US500), the Nikkei (JP225), the Russell 2000 (RUS2000), and Gold (XAUUSD).

Yesterday we pointed out that Gold might be heading for the next key level at $1715.

Price action recovered a bit but we still have a bearish trend channel on the daily chart, the Stochastic Oscillator looks bearish, and the MACD has just fallen below 0.00.

Even the Parabolic SAR is looking bearish.

Yesterday as well, most global stock indices opened with weekend gaps to the downside but those gaps were filled like this one on the S&P 500.

We do, however, have bearish indications like this chart on the Nikkei where the Stochastic Oscillator is Overbought but we will wait for the crossover.

Speaking of indices, you can now trade the Russell 2000 on Valutrades MT4, which is an index of US companies with relatively small market capitalisations.

You can also trade the S&P 400 which you can find as US400 on MT4.

This is an index of medium-sized market capitalisations or MidCaps.

Looking at our analysis of Strong vs Weak currencies, we see that the USD is the strongest.

There are a few weak currencies right now but GBP seems to be lagging behind the most.

Therefore, looking at GBPUSD we see lots of bearish indications on the daily chart with room to move below.

However, watch the fundamentals as the UK expects to change prime ministers very soon.

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That’s all for now. Happy trading with Valutrades and we will see you next time.

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