Gold (XAUUSD) at Fibonacci resistance, trading short on Natural Gas, trading short on NZDCHF [Video]

Have you seen the Divergence on Natural Gas? 

I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at WTI (USOil), NZDCHF, GBPJPY, Gold (XAUUSD), and Natural Gas (NatGas).

Yesterday we looked at the gaps in price action on Natural Gas and we see that the Monday gap was filled by this swing low.

We also see divergence between the current uptrend and the Stochastic Oscillator which may indicate a reversal.

Also, price action has formed a Symmetrical Pennant so we may see an interesting move soon.

Gold has continued its upward movement but has stopped at this key level of resistance at the 61.8% Fibonacci level and the Stochastic Oscillator is looking very overbought.

We can also see how price action reacted to the 38.2% and 23.6% levels.

GBP is looking weaker against everything except the USD and the CAD.

Looking for opportunities then, we see price action on GBPJPY just touching the upper trend line and the Stochastic Oscillator just turning down so we will wait for a bounce to the downside before selling short.

However, keep an eye on price action as, depending on where you draw your trend lines, this may be a falling wedge which of course is a bullish indication.

For the moment, however, we see the MACD on the Daily chart looking quite bearish.

We see a potential selling opportunity on NZDCHF as price action has just bounced off the upper trend line.

Price action on the 4-hour chart on WTI is sitting at the 50% Fibonacci level of resistance and the Stochastic Oscillator is oversold.

Zooming in on the chart shows us just how accurate the range is, with resistance at the 23.6% level.