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May 20, 2021

Trade Ideas for AJ, DOGE, GOLD

Frank Cabibi

Aussie Beats Employment Expectations, DOGE Recovers Yesterday's Losses
5/20/2021

AUD/JPY Analysis 
AJ comes down to a trend line and bounces up on the 4H chart. News came out today on Australia's employment numbers which beat expectations. This bullish Aussie news could fuel a higher rally for the pair here and going into next week. The low 85.0000s range looks like heavy resistance in which it will have to close above to keep bullish momentum.
DOGE/USD Analysis 
Dogecoin had a clear breakout to the downside marking a big bearish signal on the 4H chart. Since the dip in the crypto market, doge has found its way back up into the $0.40s which is a good sign for bulls, however, there is big resistance in the way at $0.45. The coin has been in a downtrend since early May, so price might be trading in that direction for the time being. Doge just needs a good technical breakout above 45 cents to start changing direction.
Gold Analysis 
Gold spiked up to the $1890s before coming back to the $1870s and consolidating on the 1D chart. The only clear resistance I can see is up in the $1950s where there is a double top. But, if price can hit $1900, it will definitely catch investors' eyes who will see more demand in the metal.

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