XAUUSD, Daily
The dollar has firmed so far today with the EURUSD was under 1.0700 earlier for the first time since Tuesday as market await the first round of the French election, while USD JPY holds over 1.0910 and cable rotates around 1.2800, in what appears to be a new pivot level for sterling. The increased risk appetite that has been evident this week which prompted the short JPY positions yesterday were added to on the close last night, I went short on Gold and Silver and long on the NZDJPY.
XAUUSD; Entry was taken at last nights close at 1280.00, target is the 14 period DATR at 1268.oo. The 1295 level this week has not been breached and the fractal high suggest s further downside, RSI remains strong at 66 but slopes down from the overbought high at 75 on Monday. The parabolic SAR remains positive and the longer term trend also remains positive. A break of the psychological 1300 level will invalidate this position.
The less volatile, popular and liquid XAGUSD also prompted an entry last night. A short position was entered at 18.00 with a target at the 14 DATR, 17.68. Silver has already breached the 20 day moving average and technically looks more bearish than gold as it completes a five day down move. A break of the 18.75 area would reverse this position.
The final JPY position was open with a LONG trade in the NZDJPY at 76.62, target for the move is a breach of the 20 day moving average and into the congestion zone of the 14 DATR at 77.33. A beak below the recent low at 75.60 would negate this position.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
[ujicountdown id=”Next Webinar” expire=”2017/04/25 11:00″ hide=”true” url=”” subscr=”” recurring=”” rectype=”second” repeats=””]
Stuart Cowell
Senior Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
