7/3/2014: Some chart analysis from last nights webinar

Well its been an interesting week for the markets, what with Crimea and big news announcements. I deliver a few educational webinars for a European brokerage ActivTrades and as part of the webinars I go through some of the major charts. I thought I’d share a few of them here with you.

AUDUSD Daily

I had been talking about this opportunity over the last 3-4 weeks on AUDUSD in the weekly webinars. Namely price establishing an inverse Head & Shoulder Pattern.  Yesterdays price action broke the neckline. Now by classical technica analysis the target would be the length from head to neckline transposed onto the point of breakout. This gives us a target of approx 0.9470.  I think there’s a good wedge of resistance in the way of price getting to that level and I would be surprised if it makes it. But hey, what do I know? Price will go where it wants to. I just have a binary no-touch position underneath the Right Shoulder so it doesn’t really matter if it makes the 9470 target or not.  Lets see how this one plays out.

Gold 

I’ve written plenty about Gold on here this year and I have covered it in my webinar talks. On the weekly chart price has rebounded nicely from the double bottom in 2013. However its now hit its next zone of resistance around $1330 – $1350.  Lets see where it goes from here. Will it break north or fall away?

USDJPY

The Yen story has been told plenty of times by people smarter and more eloquent than myself. What has been interesting is that so far 2014 has been a bad year for Yen bears.  Having had a few great months the table has turned over the last 6-8 weeks of 2014.  Prices fell for January 2014 and went sideways in Feb 2014 after a nice weekly bullish rejection candle. However this week prices have started to head north again.  I’m looking at the chart below in NZDJPY to give me a possible heads-up.

NZDJPY

Like all the Yen pairs we saw a healthy correction to begin the year with. However the NZDJPY has led the pack in reversing and re-assaulting the recent highs.  I’m not a massive one for correlations however it’s definitely worth keeping an eye on and see if the other major Yen pairs follow.

Enjoy the weekend and trade well!

Paul