WTI Crude Oil still in symmetrical pennant, buy the dip on the Dow Jones [Video]
|In today’s 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 are 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 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 favor 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.
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