NASDAQ Hits Upper Trend Line WHAT'S NEXT for AUDCAD Range FOREX Trading!

In today’s GCI Market Outlook, let’s take a look at Forex Trading on GBPCAD, AUDCAD, the Russell 2000, and the NASDAQ.

We looked at buying the dip on the NASDAQ last week and look what happened.

Yes. Price action on the NASDAQ rose after the dip based on the optimism that the Fed will be lowering interest rates this month.

However, we are now at the upper trend line in a bear run so be careful.

The stochastic oscillator is overbought and about to cross, and the US markets are closed today.

Another US Index to watch is the Russell 2000 which represents a number of factors of each of the 2000 mid-cap companies, including market capitalization.

Price action is at the lower trend line in a bull run that is now one month old.

But keep an eye on the economic news and the technicals.

Regarding the US Equities, this is Jobs Week in the US with the Non-Farm Payrolls due out on Friday.

The Canadian markets are anticipating an Interest Rate cut by the BoC.

As we can see from the charts, CAD pairs are diverse but with recent CAD strength.

AUDCAD is in a ranging market so, if the news drives price action to resistance, we may have a short opportunity.

Or, in the case of GBPCAD, if the news drives price action to this upper trend line, we may also have a short opportunity.

Just watch the news and the technicals.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.