Oceania trading week about to commence NZ. USD, Gold, Bitcoin
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The USD could see some weakness this week, probably not coming until mid-week price possibly propelled by double/bottom structures on mid-timeframes, however the Daily timeframe is indicative of some weakness with price below the moving averages. It's possible later in the trading week the USD could retreat to the 100.60 - 100.85 zone where there is support. Let's see how that play out.
The whole idea is a bit counter-indicative of a short I am expecting on EUR/USD which is very overbought at the moment.
* In other developments, Bitcoin BTCUSD showed some strength during Sunday's session but is since off its' highs in the weekend session. However, BTCUSD is getting support on the 200 EMA on the Daily. I would not be surprised to see some bullishness in Cryptocurrency this week, with the shine perhaps coming off Gold which is overextended and overbought across all timeframes. The Silver price has further to run but will generally follow Gold's lead.
* In precious metals, as I point out above I see a short in XAUUSD very soon probably today, there is more buying demand on the higher timeframe for Platinum XPTUSD, XAGJPY, XAGUSD, XAUJPY whereas XAUGBP, XAUAUD & XAUUSD look over-bought. As I point out above, it's always tricky because I find they all mostly track the gold-price.
Have a good trading week, Oceania trading in NZ commences in 30 minutes (6pm New York time) and the Australian ASX kicks off in just over 2 hours time.
Chris
