Technical Trade Ideas

Gold and silver likely to break out

Thanks to falling yields, precious metals are looking constructive again. Gold has rebounded after testing the $1810 support level for the past two days and it looks poised to break its bearish trend line around $1825/30 as it continues to make bullish price action beneath it: Silver has already broken from its falling wedge pattern: …

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AUD/NZD is potentially heading to 1.10+

The AUD/NZD is looking very bullish in my view and I think it will break to a new high above 2020’s peak in the coming weeks, so here is one way to take advantage of the potential rally. Before I share my long idea, let’s take a look at the monthly chart, below, which shows …

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CAD/JPY could follow GBP/JPY lead and break higher

Thanks to ongoing risk-on and reflationary trades, stock and crude oil markets extended their gains on Thursday, while safe-haven Japanese yen and gold sold off. The USD/JPY was among the best USD pairs, while other yen pairs also rallied – most notably, the GBP/JPY thanks to a hawkish Bank of England. Investors are now looking …

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EUR/USD short squeeze imminent?

There hasn’t been much to get excited over in FX over the past couple of days, but with vaccine optimism still the more dominant theme, the US dollar continues to be sold. If the trend continues, the EUR/USD is a candidate to look for long opportunities on, given that most people are bearish on it …

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[Video] Gold set for breakout above $1920?

Following several failed attempts, gold looked set to break and (hopefully this time) hold above that long-term and pivotal level of $1920/1. In this video, I have provided my latest thoughts on gold, silver and the dollar index, and given some insights in how I manage trades. There’s something to learn from this video, even …

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Some thoughts on silver

Have a look at this silver monthly chart below: A lot of people are presumably waiting for silver to get back down to re-test broken breakout area around $19-$20, before loading longs again. If silver gets there, it would be a bearish sign IMO and I would only expect a modest bounce there. Indeed, in …

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USD/CAD set to resume lower?

The USD/CAD may be about to resume its bearish trend, thanks mainly to ongoing weakness or the US dollar and the rebound for crude oil boosting the appeal of the Canadian dollar. More to the point, there was a technical failure for the USD/CAD to hold its breakout above the key 1.32 handle on Thursday: …

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Gold testing resistance

Gold broke down on Friday as stocks rallied on the back of the much-stronger US nonfarm jobs report, which further fuelled optimism about the recovery. The dollar index closed higher, ending a run of losses. However, at the start of this week, the precious metal has started higher again on the back of a mixed …

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S&P at potential resistance after last week’s inverted hammer

Last week all the major indices created inverted hammer candles like this on the S&P 500: If you look at Nasdaq, DAX, Russell you will see similar setups. So, IF those were the bearish reversal candles and after this week’s bounce back into resistance range, then we should be looking for bearish setups. The SPX …

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USD/JPY arrives at key juncture

Despite ongoing risk off tone in the equity and commodity markets, the USD/JPY has been rallying sharply amid widespread dollar strength. But rates have now arrived at a key technical juncture. What happens next is important: a break above the resistance zone could pave the way for further sharp gains, while a rejection here could …

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