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Forex Trading Short Silver XAGUSD. Bank of Japan Today. WTI Crude Oil at Support.

Silver XAGUSD in uptrend but price action has formed a Double Top.

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In today’s GCI Market Outlook let’s take a look at Forex Trading on USDJPY, NZDJPY, WTI Crude Oil, and Silver XAGUSD.

We are looking again at a potential sell trade on silver but we need to see some confirmation first.

On the daily chart on silver we see a downtrend that started in October.

Price action is around the upper trend line but are we looking at a short opportunity?

We are seeing bullish confluence on the stochastic oscillator but heading into overbought.

We can see that both the stochastic oscillator and MACD have helped predict reversals so we will wait for a sign.

If we move out to the 4-hour chart, we see a rising wedge which is a bearish pattern so we will wait for a break below.

However, be aware of the key levels below.

We recommended a short position on WTI some time ago and we are still in it.

Price action has reached the key support level of $75, which was resistance earlier this month.

The stochastic oscillator is very oversold so watch for a pullback.

Also, watch the key levels on the way down.

We have been talking about JPY pairs ahead of a prospective interest rate rise.

For example, price action on NZDJPY is in an uptrend but we see a double top and the stochastic oscillator is overbought and turning over.

Keep an eye on the neckline on lower time frames and the economic news of course.

Price action on USDJPY is consolidating and trying to break this double top.

We see this key level around 156 and the stochastic oscillator is overbought but keep an eye on the interest rate decision.

That’s all for now.

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