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GOLD, short position on the break of the trend line, 4 hour After a great dollar rally, gold confirmed a trend line yesterday. After slight pullback it is testing the level again. A break can trigger a short position with a good Risk-Reward ratio. So far the dollar strength seems to continue and unless political tension escalate, like Iran/China trade/North Korea and so on, selling pressure on gold should push the commodity through the trend line. We are also still in risk-on mood, with risk currencies like AUD and NZD inching higher. Happy Trading!
FX:XAUUSDShort
by Antonio_trader
PALLADIUM BUYWe last bought this in October for 920 to say we got out too early is an understatement. Since then we have been waiting to get back in and never had the opportunity, the current pullback looks pretty good:- unfolding in 3 clear waves against a recent new high. Divergence at the blue (3) top adds to the case suggesting that the move higher had lost momentum rather than being over. The green trend line is a little lower than I would like but was not tested on the two previous pullbacks (neither of which we traded) so it may not be this time. We still like commodities higher but do not overload Commodity risk.
TVC:PALLADIUMLong
by WaveRidr
XAU/USD set for more gainsIt can be observed on the hourly chart for the yellow metal that the bullion broke out of the descending channel pattern to the upside. Due to that reason it can be assumed that more gains are to be scored, as on Thursday morning the commodity price fluctuated just below the 1,280 mark. The 1,280 mark seemed to pose some sort of rather weak but still notable resistance. This recent breakout, which was initially not expected, occurred due to fundamental reasons. The recent quarrels between the United States and North Korea have created a sort of run to safety. Moreover, it reversed the recent fundamental strengthening of the US Dollar after the JOLTS Jobs Openings release.
FX_IDC:XAUUSDLong
by UnknownUnicorn890690
Average of GBP/Major Commodity CurrenciesAn equal weighted average of GBP vs three major commodity currencies (AUD, NZD, and CAD) shows potential for the start of a bullish move starting here in the middle of the range formed since Brexit. My chart shows some consolidation in the immediate area potentially closing this week with a small bullish Doji. I currently have a GBPAUD short open with SL at BE, I may indirectly hedge that position hedge that position with a GBPCAD long entry if it ends today forming a weekly Doji.
Long
by QuileHills
NZD/USD: the NZD is pressed by the lowering of the commodity priCurrent trend On Thursday the pair was lowering and tested the level of 0.6850, which is has been trying to break for the second week, again. The NZD weakened due to the general lowering of the world commodity prices: the CRB index reached the minimum from the last August level around 177.0 on Thursday, as it has been lowering in general from January. Today the pair was corrected to the middle line of Bollinger Bands around 0.6900, but soon will again began to lower to the key support level of 0.6850 due to the April USA employment market data today. The Nonfarm Payroll index is expected to be 194K, which is significantly higher that the March level of 98K. Support and resistance Technically the price stopped at the middle line of Bollinger Bands around 0.6900. The anticipation of the strong US releases and Stochastic readings, which reached the overbought area, can let the price to reverse and lower to the level of 0.6850 and further to 0.6760. If the data are disappointing, the price after the breakout of 0.6900 can grow to the upper border of Bollinger Bands at 0.6960 and Fibonacci corrections 61.8% at the level of 0.6980. Support levels: 0.6850, 0.6760 and 0.6700. Resistance levels: 0.6900, 0.6960 and 0.6980. Trading scenario Open short positions at the current price with the target at 0.6850, 0.6760 and atop loss around 0.6920. If the price is set above the level of 0.6900, open long positions with the target at 0.6960, 0.6980 and stop loss at 0.6880.
by LiteForex_Official
AUDUSD And Other Commodity Currencies Higher Again?Hello Traders, we hope you have a relaxed weekend. In this idea, we'll be looking at AUDUSD long. As the market shows us a bullish sequence against the December low 2016. We will expect further bullish momentum in AUDUSD. Especially commodity currencies such as AUD, NZD and CAD. With Gold and Silver, new bullish cycle, we expect aussie, kiwi and loonie also to follow the path of gold and silver moving higher. But before we call AUDUSD long confirmed, the pair should first take out the high at around 0.77575, to continue its bullish momentum. In the case of a break of the 0.77575. We will consider long trades after a pullback to the initial breakout level. We will keep you updated with that. As of for right now, we will be on the sidelines, as the pair also could start a lower degree correction from current levels to the last breakout level at around 0.76324. When we see a significant breakout out of the 0.77575 our target will be around 0.79484, for the short-term, as we expect AUDUSD to move even higher, but this would be the first target which we will consider. Hope you enjoyed this short overview. We will be publishing charts now more frequently. As always trade with care and always use a stop-loss Cheers
Long
by secrets2trade
EURO IS A SELL VS COMMODITY CURRENCIESI am looking for shortterm sells on the EUR/NZD, EUR/CAD and EUR/AUD. Charts below. I believe the fall in commodities will see a shortterm correction in the coming 24h before the FED. Eur looks to be the weakest link for now, with Netherland elections and some overbought looking markets. Its a shortterm and risky trade, i will move my stop as soon as possible to breakeven and not risk too much. EurAud: EurNzd: Gold/Euro: Silver/Euro:
Short
by IamJeanPaul
Gold tried a weak restartGold attempts of restarts. After the breakout area of 1,300$ -1310$, this commodity tries to reconstruct a new start up. We provide these indications the price movements, indicating a weak reconstruction of long positions in the area 1,250$ -1,270$. The exponential moving averages converge in this area, providing a second but important signs of this weakness. If there are new movements upwards, a major obstacle would be represented precisely from the old breakout 1300$ -1310$, where a good part of the operators would try to implement new sales.
FX:XAUUSD
by LudovicoReale
Currency Pair Commodity Pricing Divergence Identification MethodThis is a Method to follow Currency pair and pricing divergence of a Commodity to a Base Currency This demonstrative example is from from Gold in various currencies to Turkish Lira ₺ You can recreate this for your own purpose by following the same formulas. Because that symbol does not exist we have to divide pairs that have a common denominator. We will use XAUUSD (which is Gold/US Dollar) and divide it by TRYUSD (which is Lira/US Dollar) When dividing fractions you invert the denominator and multiply. So (XAUUSD)/(TRYUSD) = (XAUUSD)*(USDTRY) *Note: It is important to notice that these two values produce different results in the graph, by pulling data from two different feeds. In this Chart XAUUSD/TRYUSD USDTRY/XAUUSD (RED) Another exemplary pair is XAUCAD. It's Currency pair is TRYCAD. So the Formula is simply XAUCAD/TRYCAD Also in this chart XAUEUR/TRYEUR XAUGBP/TRYGBP XAUJPY/TRYJPY XAUXCU/TRYXCU XAUZAR/TRYZAR (PURPLE) Sometimes both sides of currency pairs aren't available on TradingView. We have XAUNZD available, but we only have NZDTRY available. To solve this we use the formula XAUNZD/(1/NZDTRY) Dividing by a fraction with a 1/fraction as a denominator provides us with the inverse symbol of TRYNZD Also in this chart XAUAUD/(1/AUDTRY) (BLUE) In more extreme cases, there is no currency pair available at all. In this situation, we have to create a pairing. There is no CNY to TRY or inverse symbol but there is XAUCNY So, we convert the XAUCNY value to a value that has a pair. For this example we will go back to the US Dollar before converting it to the Base Currency. (XAUCNY/(1/CNYUSD))/TRYUSD Also in this chart (XAUINR/(1/INRUSD))/TRYUSD (XAUNPR/(1/NPRUSD))/TRYUSD (GREEN) Forumulas with equal value are also included XAUUSD/(1/USDTRY) USDTRY/(1/XAUUSD) XAUUSD*USDTRY USDTRY*XAUUSD
FX:XAUUSD
by nvrstpexploring