GBP/NZD in symmetrical pennant – Forex trading range on CAD/CHF and WTI, Silver rallying [Video]
|Last time, we looked at the fall in the price of crude oil and it seems to have gone back up again. Why?
The answer on WTI is in the energy economic calendar.
Yesterday’s US Crude Oil and Gasoline Inventories came in way lower than predicted driving prices higher.
Price action is now at a key level of resistance with the stochastic oscillator in overbought territory so we might have a range trading opportunity for a few days.
If we look at the daily chart we see the formation of a rising wedge which is often a bearish pattern.
If you like range trading you might want to look at CADCHF where we have had clear support and resistance for 2 weeks now.
To be honest, almost everything is consolidating now, including gold, as we have 2 days, Thursday and Friday, with lots of US economic news.
Silver, however, is ignoring everyone and rallying.
Analysts feel that $26 will be the ceiling and if you are waiting for a reversal to the downside, watch your indicators on all time frames.
GBPNZD is consolidating into a symmetrical pennant so we will watch for a breakout.
But be aware that there will be some serious economic news coming out of London late next week.
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