AUDJPY is approaching its support at 78.34 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 78.97 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 1.7% where a corresponding bounce could occur.
NZDUSD is approaching our first support at 0.67679 (horizontal overlap support, 78.6% fibonacci retracement, 100% fiobnacci extension, 61.8% fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 0.68281 (horizontal swing high resistance, 50% fibonacci retracement).
Stochastic (89,5,3) is also...
AUDCAD is approaching its support at 0.9394 (61.8% & 61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.9440 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 3.73% where a corresponding bounce could occur.
USDCAD is approaching our first support where we might see a corresponding bounce in price to our first resistance. Stochastic is also approaching support as well.
USDJPY is approaching its support at 111.03 (61.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal swing low support) where it could potentially bounce to its resistance at 111.44 (50% Fibonacci retracement , horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 8.07% where a corresponding bounce could occur.
NZDUSD is approaching our first resistance at 0.6895 where we might see a drop in price to our first support 0.6823. Stochastic is also approaching resistance where we might see a corresponding drop in price.
NZDUSD is approaching our first resistance where we might be seeing a drop to our first support level. Stochastic is also approaching resistance where we might see a corresponding drop in price.
NZDUSD is approaching our first resistance at 0.6854 (horizontal pullback resistance, 50% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 0.6806 (61.8% Fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance where we might see a corresponding drop in price.
EURUSD is approaching our first support at 1.1187 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong bounce to our major resistance at 1.1283 (horizontal overlap resistance, 38.2% Fibonacci retracement) might occur.
Stochastic is also approaching support where we might see a corresponding bounce in price.
Trading...
HSI is approaching our first resistance at 30013.9 (horizontal pullback resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 29261.6 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback support).
Stochastic (89,5,3) is also approaching...
GBPUSD is approaching our first resistance at 7.02551 where we might see a corresponding drop to our first support level. Stochastic is approaching resistance as well.
NZDUSD is approaching our first support at 0.6744 (long term ascending support line, horizontal swing low support, 50% Fibonacci retracement , 100% Fibonacci extension ) where a strong bounce might occur above this level to our major resistance at 0.6866 (horizontal overlap resistance, 61.8% Fibonacci retracement ).
Stochastic is also approaching support.
NZDUSD is approaching our first support at 0.6720 (100% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal swing low support) where a strong bounce might occur above this level to our major resistance at 0.6829 (61.8% Fibonacci extension, 50% Fibonacci retracement, Horizontal overlap resistance).
Stochastic is also approaching support where we might see...
NZDUSD is approaching our first support at 0.6720 (100% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal swing low support) where a strong bounce might occur above this level to our major resistance at 0.6829 (61.8% Fibonacci extension, 50% Fibonacci retracement, Horizontal overlap resistance).
Stochastic is also approaching support where we might see...
XAUUSD is approaching its resistance at 1307.84 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is could reverse down to its support at 1297.82 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
Trade set up
‘Buy long’ on daily open with caution as current price closes above the 10day EMA with stops below the recent daily close or those with higher risk appetite, a close below the 10day EMA.
Target levels of 64.30 followed by the 50% retracement of the previous major move around $68.30 and looking to add to our position as price make a new higher-high...
Trade set up - We are waiting on a daily close above $1.1345 before entering long. If price breaks through this level, we see significant potential for a strong upward move towards our target price of $1.1491, our stop to be set at $1.1256.
Why we like this trade - Based on our technical analysis the pair is presenting a variety of reasons to have this trade...
Let the market force the trade, wait for a break of the current range and ride gold into the December highs.
There are obviously many considerations we should assess when trading any market. But, two that stand out when trading gold, especially when it's strongly trending, are:
1) Whether gold is going up/down in other G10 currencies, and not just USDs
2) ...
