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 Silver (XAGUSD), Gold (XAUUSD), GBPAUD, EURAUD, and AUDUSD.
You will have heard me talking about the Counter-Trend trade many times and we have a selling opportunity with AUDUSD.
This is a combination of fundamental and technical analysis.
Basically, the Reserve Bank of Australia raised their interest rate slightly higher than analysts’ expectations and price action on AUDUSD went higher.
Depending on your favourite indicators we can now look for a reversal with the stronger USD against the upper trend line and with an overbought stochastic oscillator, which isn’t quite there yet.
We have the opposite situations on EURAUD and GBPAUD.
If you watched yesterday’s video, you will know that we are watching USD, EUR and GBP as the respective central banks will likely be raising interest rates soon, creating the reversal.
Also, you may have seen our April summary on the Valutrades website where I pointed out that Gold has broken a key Fibonacci level of support, driven by the strength of USD.
The daily chart shows a break of the 50% level and the next level below is the 61.8% level.
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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