Brad Alexander
FX Large Limited
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.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.