All eyes on the Fed tomorrow, trading GBP/AUD short, gold consolidating [Video]
|Welcome to this week’s Market Blast Technicals.
I’m Brad Alexander and on behalf of Valutrades, today we will look at USDTRY, Gold (XAUUSD), WTI (US Oil), and GBPAUD.
The UK Pound is weaker against all other currencies but watch out for Thursday’s Interest Rate decision.
Meanwhile, we see that GBPAUD has retraced thanks to the Reserve Bank of Australia, and this may be a good technical opportunity if price action bounces off this upper trend line soon.
We are still in bearish territory with our MACD indicator and the Stochastic Oscillator, but we might want to wait until we see a bearish cross on the Stochastic Oscillator.
Moving out to the Daily chart, we see a similar scenario with bearish indicators and that price action has just reached a key level of Fibonacci resistance and we will wait for a bounce.
We see price action on Gold consolidating and our oscillators confirm this.
However, as XAUUSD is a pair with USD, watch out for volatility tomorrow with the FOMC meeting and Friday with the Non-Farm Payrolls.
We see a similar story with WTI but we are seeing bullish indications from our oscillators this time.
We looked at USDTRY last week, after the turmoil in the Central Bank and with Central Government, and we see that the price gap was filled but the Turkish Lira is still very weak.
MACD is still in on the bullish side but heading lower and price action is consolidating into a Symmetrical Pennant which, in this case, could break out either way.
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