Trading NZD/USD long, gold price action continues down [Video]
|Yesterday we promised to look at NZDUSD from the technical side.
NZDUSD has fallen almost 5 cents from its 5-year high in February and we can see that Fibonacci is plotting support and resistance with key levels at almost every stage.
We also see support at $0.70 and we are watching the Stochastic Oscillator to give us a bullish signal in what might be a new uptrend.
Last week we spotted this classic Double Bottom and we warned that price needs to break the neckline on Gold before going long and that price might go into a ranging market as it did one year ago.
As we can see, price action is now still following the current downtrend and heading back to the key level of support at $1680.
It seems that Fibonacci agrees with us and we will keep an eye on these levels.
Yesterday, we looked at GBP from the Fundamental view and it seems that the reopening of the economy and a successful vaccination program has helped the Pound.
On the technical side, take a look at current trends like this one on GBPNZD but watch out for key levels like this one at $1.96.
Price on AUDUSD is currently at support at $0.76 and is clearly consolidating in this descending triangle so we will watch for a break either way.
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