Gold (XAU/USD) in bear run – Trading short EUR/CHF and NZD/USD [Video]
|I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at NZDUSD, NZDJPY, EURAUD, EURCHF, and Gold (XAUUSD).
Last week we predicted a reversal on Gold and that is exactly what we got.
We now see the resulting bear run and price action has just bounced off the upper trend line and the stochastic oscillator is turning down from overbought.
We can also see this key level of resistance from last week.
We are seeing general EUR weakness against every currency except JPY.
However, on EURCHF we see a pullback into the upper trend line.
Don’t sell the pair just yet as we should wait for confirmation like a bounce off the trend line and the stochastic oscillator showing overbought and turning down.
We also see this double top on EURAUD but we will need to see more before going short, like price action breaking the neckline and this key level.
Also, the stochastic oscillator is actually showing oversold on a few time frames.
Yesterday, the NZD was just as weak as the JPY but we see some temporary strength in NZD.
On NZDJPY, price action has broken through the symmetrical pennant and is currently at this key level in an ascending triangle so we will wait for some confirmation.
NZDUSD is in a clear bear run as well, similar to gold, as we see price action at the upper trend line and the stochastic oscillator turning down from overbought.
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