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Trading the NZD Crash. Going Short on EURCHF?

   

Welcome to this week’s Market Blast Technicals.

I’m Brad Alexander and on behalf of Valutrades let’s take a look at Gold (XAUUSD), EURNZD, and EURCHF.

 

Yesterday we looked at EURCHF from the fundamental side so don’t forget about the Swiss National Bank Interest Rate decision Thursday.

From the technical side we see clear indications that the pair has started a downtrend in that we have lower highs and lower lows in this bearish trend.Screenshot 2021-03-23 at 11.19.47

The Stochastic Oscillator is giving us bearish signals and MACD has passed from overbought to oversold.Screenshot 2021-03-23 at 11.19.57

Last night the New Zealand Dollar crashed based on the NZ government’s curbs on the housing market.

Finding technical opportunities might be difficult in these situations but what we look for are moves in price action against the trend.Screenshot 2021-03-23 at 11.20.16

For example, this clear downtrend on EURNZD daily chart was broken so we will look for an opportunity to sell EURNZD.

On the 4-hour chart, we are at resistance at $1.685 and we can wait for a bounce off resistance, and for the Stochastic Oscillator to show us some bearish signals, which it is not doing now.

When we see a downturn here, we can reevaluate.

If you want to know more about entering and exiting trades like this, join us tonight on our webinar and the registration link is in the YouTube description below or on the Valutrades website.

Gold bounced off long-term support days ago and is showing us that the downtrend might be continuing.Screenshot 2021-03-23 at 11.20.36

Price has bounced off resistance and the Stochastic Oscillator has crossed from overbought to oversold so it might be time to look at an XAUUSD short again.

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.

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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