Brad Alexander
FX Large Limited
Looking at the Nikkei daily chart we can see that price is heading down to the lower trend line and price is consolidating.
This may be a bullish pattern but our Stochastic Oscillator seems to be indecisive.
If we zoom out to the 4-hour chart, we can see that the Stochastic Oscillator may be moving out of its oversold position after this break of a descending triangle.
We had been watching this double bottom on Gold for a while and price broke resistance based on fundamental reasons and, if you caught or video yesterday, it seems that the market is looking at Gold strength.
We see a clear uptrend now but there may be a temporary fall in price before we reach the lower trend line but we see that the Stochastic Oscillator is in oversold territory.
We have been following the recovery of the New Zealand Dollar and we see a potential short opportunity on AUDNZD where price action is heading back to the upper trend line.
Price had bounced off the 50% Fibonacci level of support and we see the 38.2% level as resistance and we will wait for the Stochastic Oscillator to show us when price action gets to overbought.
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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