Ticker tape by TradingView

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.

A1 Edgefinder

FLASH SALE
Take 40% off the Edge finder using code "READER"
GET ACCESS NOW

want to see what we're trading?

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Exclusive Trading Guides
Use Code "READER" for 10% OFF!
JOIN NOWJoin FREE Discord
A1 Trading Podcast
We Like These Pairs For Next Week

As this week comes to a close, we are looking ahead at future setups that could be some of the best opportunities for the next several trading sessions. Here are some pairs for next week that we are looking at. EUR/JPY Recent data has shown a slow down in the German manufacturing sector. With European […]

Read More
More Downside On The SPX500 After This?

When it comes to testimonies, it's all in how you say it. Jerome Powell has to be very particular in the way he makes his statements and answers the ensuing questions. Here is what might be in store for the market in the coming days and weeks, and whether or not there will be more […]

Read More
More Upside For Yen After This

The historically 'safe' currency to hold in times of recessions is in a unique situation now with a couple factors in place. Here is why the yen is stronger today as well as some trade setups that could push its value either up or down. Weaker Yen Now, Stronger Yen Later The Bank of Japan […]

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
homescreensmartphone linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram