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Trading the USD & Gold Pullback. NZDUSD in Rising Wedge. Trading Short WTI.

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Hey Valutraders!  Did you see the pullback on USD pairs?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at WTI (USOil), NZDUSD, USDJPY, Gold (XAUUSD), EURUSD, and AUDUSD.

Yesterday we looked at a long period of USD weakness but we see a bit of a pullback today.Screenshot 2023-01-17 at 17.03.05

Almost every pair is telling us the same technical story like AUDUSD in this uptrend and the stochastic oscillator turning from oversold.Screenshot 2023-01-17 at 17.03.14

Even the parabolic SAR looks bullish here.Screenshot 2023-01-17 at 17.03.23

EURUSD looks similar.Screenshot 2023-01-17 at 17.03.30

USDJPY gives us the inverse opportunity.

Just keep in mind, as we pointed out yesterday, that the net level of support is just below 127 yen.Screenshot 2023-01-17 at 17.03.38

However, some pairs appear to be consolidating like NZDUSD in this Rising Wedge which may be a bearish sign as many analysts and banks are projecting a deep recession for New Zealand.Screenshot 2023-01-17 at 17.03.48

The same pullback can be seen on Gold, also with the stochastic oscillator turning up from oversold.

Here, as well, remember that price action is not far from a key level of resistance.Screenshot 2023-01-17 at 17.03.59

The current strength of JPY has taken a break but this could be an opportunity to enter many sell positions.

Just take a look at the strength of each trend and, of course, support and resistance.Screenshot 2023-01-17 at 17.04.08

WTI on the daily chart is consolidating with price action just below $80 and the stochastic oscillator is currently overbought and the D line has just crossed the K line.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

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

CFDs and FX are leveraged products and your capital may be at risk.17 January 2023 Technicals EN TN



This post was written by Graeme Watkins

CEO Valutrades Limited, Graeme Watkins is an FX and CFD market veteran with more than 10 years experience. Key roles include management, senior systems and controls, sales, project management and operations. Graeme has help significant roles for both brokerages and technology platforms.

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