Gold, Silver and JPY all taken a dip
|XAUUSD, Daily
The dollar has firmed so far today with the EURUSD was under 1.0700 earlier for the first time since Tuesday as market await the first round of the French election, while USD JPY holds over 1.0910 and cable rotates around 1.2800, in what appears to be a new pivot level for sterling. The increased risk appetite that has been evident this week which prompted the short JPY positions yesterday were added to on the close last night, I went short on Gold and Silver and long on the NZDJPY.
XAUUSD; Entry was taken at last nights close at 1280.00, target is the 14 period DATR at 1268.oo. The 1295 level this week has not been breached and the fractal high suggest s further downside, RSI remains strong at 66 but slopes down from the overbought high at 75 on Monday. The parabolic SAR remains positive and the longer term trend also remains positive. A break of the psychological 1300 level will invalidate this position.
The less volatile, popular and liquid XAGUSD also prompted an entry last night. A short position was entered at 18.00 with a target at the 14 DATR, 17.68. Silver has already breached the 20 day moving average and technically looks more bearish than gold as it completes a five day down move. A break of the 18.75 area would reverse this position.
The final JPY position was open with a LONG trade in the NZDJPY at 76.62, target for the move is a breach of the 20 day moving average and into the congestion zone of the 14 DATR at 77.33. A beak below the recent low at 75.60 would negate this position.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.