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March 17, 2021

Trade Setups for AUD/CAD, Gold, and NAS100

Frank Cabibi

Trade Setup on AUDCAD, Gold and Market Struggle
3/17/2021

AUD/CAD Analysis
Worse-than-expected CPI news came out for Canada today, yet traders were still bullish on CAD. With my recent bullishness on the Australian buck, I like this technical setup for the pair at support paired with its 200 DMA on the daily chart. AUD employment numbers come out later today which could be more cause of volatility.
Gold Analysis
Gold on the daily chart continues to struggle with its current resistance level around the $1740s. As the US equities market struggles at maintaining its all-time highs, so does gold struggle in the short term on an upward swing. The pair still has a lot of resistance in the way, so it would take quite a lot of momentum to bring us back to the highs of 2020.
NAS100 Analysis
Treasury yields climbed past recent highs to over 1.65% which started raising red flags in the stock market. Tech stocks hurt as the NAS100 is down 1.25% today. Although the notes aren't yielding much, investors are worried about the rate at which the yields are rising, and they could draw more investors over time.

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