May 10, 2021

Trade Ideas for AU, GOLD, DOGE

Frank Cabibi

AU Creates New Support, Gold Tests Resistance, Doge Consolidates
5/10/2021

AUD/USD Analysis 
AU on the daily chart broke well above resistance around .78100s. Retail sales were not so great this time around for the buck, but the currency can still find demand over the USD right now. Most fiat money can find a reason to bet against the USD as inflation continues to pound the dollar down.
Gold Analysis 
Gold continues to push upward on a weakening dollar but is now at some heavy resistance on the 1D chart. The 200 day moving average is going to test whether momentum is strong enough to break above or if it will have to retest recent highs once again. If it can't, big support lies at the $1800 mark.
DOGE/USD Analysis 
The meme crypto did end up coming all the way down to heavy support in the 40 cent range, and is currently hovering just above it. Doge hit its all-time high the day before Elon Musk appeared on Saturday Night Live which caused a buy-the-rumor-sell-the-news situation. Now the question is: can doge recover from the sell off from this weekend, or was everyone else right in that it is actually a worthless digital currency? Techincals suggest that a break under support could be bad news, but staying above it is a good sign.

A1 Edgefinder

Watchlist
Save time looking for setups with the EdgeFinder's watchlist! In a glance, see the EdgeFinder's current top buys and top sells.

Discount code: 'READER'

Access Now

Free

Trading Plan Template
Struggling to build a successful trading plan? Download our template to get started today!
Download
Can The Dollar Break This Pivotal Level?

The dollar flew higher last week as a result of resilient economic news along with a higher PCE than expected. Now the DXY has reached a decision point in price action. This week's NFP will help determine the sentiment around the potential June rate hike. Here is what we are looking at: EdgeFinder Analysis USDCAD […]

Read More
Dovish Banks Could Crash These Currencies

Considerably dovish news from central banks in the US and New Zealand has caused a major stir in the markets. Governor Orr and Vice Chairman Powell both released some reassuring news for the economy in the long term. But what does this mean for USD and NZD? EdgeFinder Analysis GBPNZD is a pair that should […]

Read More
Kiwi In Need of Another Rate Hike

As we trade into a broad news week covering the economic status of multiple countries, there are several scenarios we should consider. Although it is impossible to predict the future, we can at least prepare for the news events set to come this week for kiwi, dollar and the pound. EdgeFinder Analysis GBPJPY still maintains […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptop-phonemenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram