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 NZDCHF, NZDUSD, Brent Crude (UK Oil), and Gold (XAUUSD).
As we pointed out yesterday, Gold is higher based on a slightly weaker USD and lower bond yields.
XAUUSD, on the Daily chart, is now approaching a key level of resistance at $1830 in an upward channel.
We are considering this to be an Ascending Triangle, which could break out either way, so watch for a downturn of the Stochastic Oscillator and perhaps the MACD Signal Line exiting the Histogram here.
Speaking of Signals…Don’t forget to register for our next webinar on Trading Opportunities using Valutrades Real-Time Signals, 23 November, and you can find details on the Valutrades Website.
Yesterday as well, we looked at Brent Crude and WTI and we see that price action almost filled the Gap, but not quite.
If Joe Biden succeeds in releasing the US Strategic Petroleum Reserves (SPR) we may see lower prices.
We see a clear downtrend and price action has just bounced off this upper trend line and the Stochastic Oscillator is moving lower.
Recently we have seen NZD strength and if you are interested in trading a reversal, NZDUSD might be a good option.
We see a clear downtrend and price action has just bounced off this upper trend line and the Stochastic Oscillator is moving lower.
We see a similar situation with NZDCHF.
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.
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