Forex Trading long AUDUSD. WTI Crude Oil in Symmetrical Pennant. Inflation in Focus this Week.
Forex Trading long AUDUSD. WTI Crude Oil in Symmetrical Pennant. Inflation in Focus this Week.
In today’s GCI Market Outlook, let’s take a look at Forex Trading on EURUSD, GBPUSD, AUDUSD and WTI Crude Oil.
Looking at the 4-hour chart on WTI Crude Oil we see that the bull run might be continuing.
Or could this be a double top?
If we look at other time frames we see a different story.
For example, on the weekly chart, we see price action in a symmetrical pennant and the stochastic oscillator is overbought and turning down.
The weekend’s attempted assassination of the former president had USD opening stronger and they are calling this a new Trump Trade.
So, we see long opportunities to fill the gaps in EURUSD, GBPUSD, and AUDUSD.
In the short term, the strongest currency is JPY with sudden strength last week.
In the longer term, GBP is still very strong and we will keep an eye out for reversals.
The weaker currency is CAD despite the previously mentioned price of WTI.
This week’s economic news may shape future moves with Inflation figures from Canada, New Zealand, and the UK.
We have retail sales news from the US, the UK and Canada.
And, Thursday, an Interest Rate Decision from the ECB.
EUR is incredibly mixed so we may have some obvious opportunities on Thursday.
That’s all for now.
CFDs and FX are leveraged products and your capital may be at risk.
Latest Analysis
- NASDAQ Lower in Ascending Triangle. Forex Trading Short Silver (XAGUSD). WTI Crude Oil and JPY Open with Gaps. Yesterday 06:19 AM
- S&P500 & NASDAQ Lower on Bad Earnings. Forex Trading Gold & Silver. WTI & Brent in Cup and Handle Pattern. October 24, 2024 05:08 AM
- S&P500 in Ascending Triangle. Trading Long on WTI Crude Oil? CAD Interest Rate in Focus. October 21, 2024 03:52 AM
- Forex Trading Gold (XAUUSD) at Record Highs. WTI Crude Oil Rally on Middle East Tensions. October 18, 2024 06:51 AM
- Forex Trading on EUR Interest Rates. Trading Long on WTI Crude Oil? Silver (XAGUSD) in Symmetrical Pennant. October 15, 2024 04:17 AM
- Forex Trading on NZDUSD. US Fed Looking at Inflation this Week. USD Strongest Currency. October 10, 2024 09:55 AM
- Gold (XAUUSD) Consolidating. Trading Silver (XAGUSD) in an Ascending Triangle. Forex Trading on NZDUSD. October 07, 2024 06:07 AM
- JPY Weakness Coming to an End? Forex Trading WTI on Middle East Conflict. Gold (XAUUSD) in Symmetrical Pennant. October 03, 2024 05:23 AM
- Forex Trading Long on Silver (XAGUSD). Technicals may Signal a Weaker Yen. S&P500 Trying to Break Descending Triangle. September 30, 2024 04:57 AM
- Forex Trading Gold (XAUUSD) at Record Levels. SNB Interest Rate Falls: More to Come! September 26, 2024 10:09 AM
Open an account in minutes
Trade on our award-winning platforms with ultra-fast and ultra-secure execution.
OPEN AN ACCOUNT