Forex trading CAD with CPI in focus, Silver at key Fibonacci level, Jackson Hole this week [Video]
|In our last video we looked at a potential long trade on AUDUSD and look what happened.
Price action finally took a good bounce off the lower trend line on AUDUSD and nicely moved up.
If you are still in a long position we see resistance on the daily chart at just above $0.67.
If you are a fan of Fibonacci, we are already at the 23.6% level so wait for a break above or a bounce to the downside.
We are seeing mixed strength and weakness in CAD and some clear trends either way.
This will give us some great trading opportunities tomorrow with Canadian monthly and yearly CPI figures out.
If the figures miss analysts expectations, price may go against the trend, giving us opportunities to reenter the trend.
Also, this week, we have PMIs from France, Germany, the UK, and the US so we can trade these in the same way.
The markets may be a bit quiet this week as it is still August and, as well, the Jackson Hole Economic Symposium starts this Friday.
Banks, investors and traders will be listening for clues as to the next central bank moves.
The markets are now assuming that the Fed will cut Interest Rates soon so USD is getting weaker.
This has sent Gold soaring to all-time highs above $2,500.
Silver has also risen and is trying to break resistance and the technicals are all still bullish.
Again, if you like Fibonacci, you can see that we are at the 50% level of resistance so let’s wait for a break or a bounce.
That’s all for now.
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