Trading gold in descending triangle, short trading NZD/USD [Video]
|Today we see price action on Gold in a descending triangle with support at around $1795.
As we know, descending triangles can go either way so, if price action breaks this level of support, we see the next level below at $1774, and a break of the upper trend line could see us returning to previous levels of resistance.
Keep an eye on the Stochastic Oscillator which, right now, is displaying an Oversold signal.
If you have been watching the news you will know about the dramatic fall of the Chinese and Hong Kong equity markets.
If we look at the China A50 we see this key level of support in our post-COVID Fibonacci and we will look at this again next week.
Yesterday we spotted a potential short trading opportunity on NZDUSD.
Price has just bounced off the upper trend line and Stochastics are showing us an Overbought signal but don’t forget about this week’s FOMC meeting with any USD trades.
We see a similar opportunity with AUDUSD and don’t forget that the current turmoil with the Chinese equity markets may have a negative impact on both NZD and AUD.
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