Trading short Platinum, forex trading long on GBP/CAD – Short on EUR/GBP [Video]
|In our last video, we spotted this falling wedge on Silver while waiting for a bullish break.
Look what happened!
Price action has just broken this key level of resistance at $30 but the stochastic oscillator is overbought.
The daily chart however tells a different story as we may have a bit of room to move to the upside to this upper trend line.
Also, the stochastic oscillator has a bit of room to go as well.
We also looked at GBP strength last time with a GBPCAD long and a EURGBP short.
Price action is going in the right direction if you opened positions, and actually gapped here.
Price has filled the gaps and we want it to continue.
However, watch out for today’s BoE Interest Rate Decision as we could get some volatility.
If the vote is worse than the projected 0-2-7, like 0-0-9 or 1-0-8, expect pound strength.
Getting back to precious metals, we find price action on Platinum in a rising wedge.
If we move out to the 4-hour chart, we see bullish agreement between price action and the stochastic oscillator.
However, that may come to an end when price action reaches this upper trend line.
And our range trading on AUDUSD is working out perfectly.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.