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Trading the Nikkei (JP225) Long. AUDNZD Short Opportunity.


Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look today at AUDNZD, Gold (XAUUSD), and the Nikkei (JP225).

Looking at the Nikkei daily chart we can see that price is heading down to the lower trend line and price is consolidating.Screenshot 2021-04-20 at 10.52.01

This may be a bullish pattern but our Stochastic Oscillator seems to be indecisive.

If we zoom out to the 4-hour chart, we can see that the Stochastic Oscillator may be moving out of its oversold position after this break of a descending triangle.

We had been watching this double bottom on Gold for a while and price broke resistance based on fundamental reasons and, if you caught or video yesterday, it seems that the market is looking at Gold strength.Screenshot 2021-04-20 at 10.52.29

We see a clear uptrend now but there may be a temporary fall in price before we reach the lower trend line but we see that the Stochastic Oscillator is in oversold territory.Screenshot 2021-04-20 at 10.52.46

We have been following the recovery of the New Zealand Dollar and we see a potential short opportunity on AUDNZD where price action is heading back to the upper trend line.

Price had bounced off the 50% Fibonacci level of support and we see the 38.2% level as resistance and we will wait for the Stochastic Oscillator to show us when price action gets to overbought.

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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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.