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April 9, 2021

Trade Ideas for CADJPY, Gold, SPX500 (4/9/2021)

Frank Cabibi

CJ Rallies, Gold Tests Resistance
4/9/2021

CAD/JPY Analysis
CJ does find support below the trend line in the low 86.000s. On the daily chart, this pair bounced hard before seeing rejection on the latest candle. Really good employment numbers came out today as Canada's unemployment rate fell to 7.5% from 8% last month shattering expectations. This news could be enough to propel the pair higher going into next week.
Gold Analysis
Gold stuck under resistance on the daily chart as the most recent two candles hit the same level and wouldn't budge. Since gold price did hit a higher high, it could be a good sign for the bulls. The only major resistance in the way right now is in the $1760s.
SPX500 Analysis
SPX500 sits around all time highs on the daily chart as tech stocks take the lead in rallying the market to new highs in the past week. Now investors are moving out of safe-haven positions like bonds and repositioning their assets back into riskier bets. One expert is calling for a 30% swing to the upside before the rally ends.

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