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May 5, 2021

Trade Ideas for DOGE, USDNZD, GOLD

Frank Cabibi

Doge Rises to 69 Cents, New Zealand Employment Data, Gold Consolidates
5/5/2021

USD/NZD Analysis 
UN breaks under a rising trend line on the 4H chart and nears support around 1.3841. New Zealand reported some good employment numbers yesterday which seemed to stir more demand in the currency. That support level will be pretty important in this pair's direction on whether it will turn up or continue its current downtrend.
DOGE/USD Analysis 
Doge breaks to new highs on all sorts of news about this meme crypto currency. Firstly, Elon Musk's hints on what he will talk about on SNL this weekend has lots of speculation. Various businesses are also starting to accept dogecoin payments as well as celebrity hype help push price up to $0.69 last night before retracing back to the $0.50s. Now, the heavy consolidation from last month has created new support in the mid $0.40s. If price comes down to this point, it could be a buy-the-dip opportunity.
Gold Analysis 
Gold on the 4H chart still remains in consolidation as it nears the end of a wedge. Support lies below the wedge around $1757 should price fall underneath the wedge. Inflation is still a factor for the USD, so the demand for gold will likely not go anywhere any time soon, and it seems like it is just a matter of time before the metal becomes more recognized. The only problem now is the fear of crypto (specifically bitcoin) becoming the future safe haven investment when inflation hurts the value of the dollar.

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