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March 29, 2021

Trade Ideas for NZD/JPY, XAU/USD, and SPX500

Frank Cabibi

JPY Pairs Making Big Moves, Gold Stagnant
3/29/2021

NZD/JPY Analysis
After taking a dip on the daily chart, NJ bounced perfectly off support in the mid 75.000s and is pushing 77.000. The strong uptrend since November 2020 reflects the increasingly high number of short positions big money is placing on the yen.
Gold Analysis
Gold on the 4H chart is looking less bullish as it cannot break above the 200 SMA as it breaks under the rising trend line. Hard support lies beneath its current price, so it seems unlikely that the metal will continue to drop below that, but momentum seems weak right now.
SPX500 Analysis
Stocks dipped earlier this morning when a big hedge fund was forced out of its $20 billion worth of investments. But since this morning, stocks have recovered, and on a technical standpoint, price has broken above the channel trend line on the 4H chart and is nearing all time highs. With mixed sentiment in the market right now, it's good news that the market is in the green today.

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