Brad Alexander
FX Large Limited
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.
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.
Recommended Content
Editors’ Picks
AUD/USD extends the decline to near 0.6350 as Fed rate decision looms
The AUD/USD pair extends its downside to near 0.6355 during the early Asian session on Monday, pressured by the firmer Greenback. Traders will keep an eye on the preliminary US December Purchasing Managers Index on Monday ahead of the Federal Reserve interest rate decision.
EUR/USD: Federal Reserve’s decision on rates to dominate headlines
The EUR/USD pair finished the week in the red amid a resurgent US Dollar in a risk-averse environment but remained within a well-limited range. Cautious benefited the Greenback for most of these last few days, while profit-taking ahead of the close provided near-term support to the Euro.
Gold: Bulls turn hesitant on mixed fundamental signals
Gold lost its bullish momentum after failing to stabilize above $2,700. The technical outlook highlights buyers’ hesitancy in the near term. The Fed policy announcements and revised dot plot could drive Gold’s action heading into the Christmas holiday.
Week ahead: Fed, BoJ and BoE conclude end-year policy decisions
Fed seen cutting in December, pausing in January. BoJ leans towards keeping rates steady. BoE seen ending 2025 on the sidelines as well. Flash PMIs, UK and Canada CPIs, and core PCE also on tap.
Can markets keep conquering record highs?
Equity markets are charging to new record highs, with the S&P 500 up 28% year-to-date and the NASDAQ Composite crossing the key 20,000 mark, up 34% this year. The rally is underpinned by a potent mix of drivers.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.