Gold (XAU/USD) consolidating, Nasdaq higher, USD/CAD at key support

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 the NASDAQ (US100), Gold (XAUUSD), WTI (USOil), USDCAD and EURUSD.

Yesterday we looked at the weekend gaps on the USD pairs and we see overall USD weakness and the gaps have been filled except for EURUSD.

Yesterday, EURUSD opened at support at just below $1.13 and price action is heading up to this upper trend line in this bearish market.

The Stochastic Oscillator is displaying consolidation and we will keep an eye on our chart patterns.

Price Action on USDCAD is trying to break support at $1.266 which has held for most of the year.

As we know, CAD will get stronger as the price of crude oil increases and we see just that with WTI.

Price action has not filled the gap from yesterday but, don’t forget, most of the market is a fundamental issue based around the Ukraine crisis right now.

We see a similar shape of chart with Gold where we see a symmetrical pennant forming and the Stochastic Oscillator displaying overbought.

If we look at the Indices like the NASDAQ, we see that the gap has been filled here as well and the upper trend line has been broken.

With money flowing back into the equity markets, that would account for the USD weakness.

Author

Brad Alexander

FX Large Limited

Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.

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