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April 7, 2021

Trade Ideas for CADJPY, GOLD, BTC (4/7/2021)

Frank Cabibi

CJ Hits Support, Gold Breaks Resistance, Bitcoin to $400K?
4/7/2021

CAD/JPY Analysis
CJ comes back to key trend line on the daily chart for support. Price has historically bounced off this line for the last couple months, but if price were to break under, there is additional support in the low 86.000s. CAD employment numbers are to come out Friday with high expectations on beating last month's numbers.
Gold Analysis
Gold makes a big break above a long term falling trend line on the daily chart and is now about to test resistance. Although this break is a good sign, a close at a higher high will look really good for gold's price movement going forward. The key level to look out for now is 1760s.
BTC/USD Analysis
Bitcoin falls for the second day as it nears a rising trend line on the daily chart for support. If the crypto can continue to use technical support the way it has been, further highs are expected to come. Some analyst thinks price will hit $400K this year which helps show the bullish sentiment on Bitcoin. There is also a start to a shift in sentiment on gold bulls favoring the digital currency more.

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