WTI Crude Oil Still in Symmetrical Pennant. Buy the Dip on the Dow Jones. Forex Trading USD at Key Levels.
In today’s GCI Market Outlook, let’s take a look at Forex Trading on USDCAD, WTI Crude Oil, the Dow Jones Industrial Average, and NZDUSD.
And apologies for being a day late due to illness.
Finally, we are seeing some stability and optimism in US Politics which has USD looking stronger in the short term, especially against the COMDOLLS.
This is still a curiosity as the Fed is still talking about Interest Rate Cuts.
If we look at NZDUSD for example, we see price action at a key level of support so we need to see a break or a bounce.
The same is happening with USDCAD where price action is at resistance.
CAD is affected by WTI and since we spotted this symmetrical pennant a while ago, we have seen price action movement within the trend lines.
Look out for a break in either direction.
We also expect that the new enthusiasm and diminishing uncertainty will boost the stock markets.
All the US indices are behaving differently but, buying the dip on the Dow Jones Industrial Average might be a good technical trade.
On the one hand, we have the Fed who want to lower interest rates, which is good for share prices, contrasted with Democrat policies which may not favour big business.
Let’s see.
Check back with us on Monday as we have a ton of important Economic Events to trade.
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