Forex trading long on AUD/USD, Oil and Gas in focus, Silver at key resistance [Video]
|In our last video, we looked at a potential short trade on WTI Crude Oil and what to look for in terms of confirmation.
Price action on WTI Crude Oil rose again based on Mideast tensions but we suddenly got technical confirmations on a reversal.
The stochastic oscillator turned down from being very overbought and the parabolic SAR went bearish.
The signal line moved out of the histogram on MACD and turned down, all after this bearish candlestick.
Also, yesterday the Crude Oil inventory report showed a much higher level of supply than expected driving prices down.
Also, we see tomorrow morning, Washington time, we have the same report on Natural Gas.
You can trade this and we have seen price action rising based on more aggression between Ukraine and Russia.
We looked at price action on silver heading for the upper trend line but it seems to have settled at resistance at around $28.
Our technicals aren’t really helping us so we will have to wait for confirmation.
On gold, we also have price action at resistance but we see an ascending triangle on the daily chart.
Both gold and silver will be affected by USD news coming out tomorrow morning.
We also see that mixed news on the Australian employment front caused a whipsaw on some pairs giving us a long opportunity on AUDUSD.
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