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April 19, 2021

Trade Ideas for NZDJPY, GOLD, SPX500

Frank Cabibi

SPX Comes Off Highs, Gold Closes Above Major Resistance
4/19/2021

NZD/JPY Analysis 
NJ pulled back at resistance which was a falling trend line. On the daily chart, a wedge looks clear as the pair reaches the end of the triangle. Tomorrow, New Zealand will report their CPI for the quarter which is expected to .3% higher than last. This will be important to watch in the next couple days to see which direction price will break out.
Gold Analysis 
Gold did end up breaking and closing above resistance on the daily chart. This level was key in getting over that big hurdle of resistance, but competition from bitcoin looms over the heads of investors. There is hesitation in the gold market as bitcoin and crypto almost serve as safer havens than the dollar, or at least yield much more than both the dollar and gold. 
SPX500 Analysis 
Stocks come down a bit after hitting new highs. Volatility in the past couple trading days has subsided for now as the crypto market received lots of attention. Mild support still lies around $4070-4080s.

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