Range trading NZD/CAD at support, forex trading short on Gold XAU/USD? [Video]

Brad Alexander FX Large Limited

One month ago, gold hit an all-time high of $3500 and has been slowly creeping down ever since.

We can spot the downward trend and see that, yesterday, the gap was filled, but will price action continue lower?

The technicals on the 4-hour chart look bullish.

However, if we move to the daily chart we see bearish indications so, if we consider a short position, make sure you have confirmation on lower time frames.

Last time we were looking at a downward channel on silver but USD weakness drove price action back up to resistance.

We may be looking at the same plan as gold but be careful here.

We were looking at a range trading opportunity on NZDCAD and price fell to this key level of support.

We have an oversold stochastic oscillator and the next level above is 0.825 and the top of the range.

If price action breaks support, we have a long way to fall but watch out for Canadian Retail Sales figures this afternoon.

We spotted this symmetrical pennant on USDCAD and we noticed it looked like a bearish continuation pattern.

Well, look what happened.

The bear run on WTI and Brent are continuing and we can clearly see the downward channel.

Keep an eye on the news from the Middle East and your favourite technicals.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.

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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