Brad Alexander
FX Large Limited
In our last video, we noticed a long opportunity on Platinum and we hope you were paying attention.
We saw this bull run in Platinum and, at the time of the last video, price action was here.
Simply waiting for a reversal of the oversold stochastic oscillator told us when to enter the trade.
A double bottom on the 4-hour chart confirmed the bullish bias.
If you are still in a long position, watch these levels of resistance and the overbought stochastic oscillator.
Speaking of precious metals, Gold is still hovering at record highs above $2,500 with a weaker USD.
Right now, however, we see price action in a rising wedge which is often a bearish indication.
Let’s wait for confirmation as a short on gold might be considered a risky trade.
For example, if we add MACD, we might want to wait for the signal line to turn over and fall a bit and pass out of the falling histogram.
As we say, USD is weak and all pairs are proving it.
You may recall my talking about the Jackson Hole Economic Symposium last week.
Well, Jerome Powell announced that inflation is under control and that Interest Rate cuts are inevitable and this is what happened.
We were looking at reversal opportunities last week and we said that AUDUSD looked like the best candidate.
Price action is trying to break resistance now so we must wait for confirmation.
Also, the Reserve Bank of Australia will be watching tomorrow’s CPI numbers and, if the figures are lower than 3.4%, we may have a short opportunity.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
EUR/USD stays in tight range below 1.1200 after US data
EUR/USD continues to fluctuate in a narrow band below 1.1200 in the second half of the day on Tuesday. The bearish opening in Wall Street and the upbeat consumer sentiment data from the US support the USD, limiting the pair's upside.
GBP/USD clings to daily gains above 1.3200
GBP/USD trades in positive territory above 1.3200 in the American session on Tuesday. The USD benefits from the cautious market mood and better-than-expected CB Consumer Confidence data, capping the pair's gains.
Gold holds comfortably above $2,500 despite rising US yields
Gold holds steady above $2,500 in the second half of the day on Tuesday. The benchmark 10-year US Treasury bond yield gains 1% above 3.8% after upbeat US data, making it difficult for XAU/USD to gather bullish momentum.
Markets in a waiting pattern with a potential explosion in volatility – Why?
The weakness of the Dollar tok a breezer but might continue these coming days. il prices steadied further after the strong support level holds the price from falling further. Geopolitical tensions and the end of the month might call for more upside potential here.
Three fundamentals for the week: Focus on the fragility of the US economy Premium
US Consumer confidence data will provide a gauge of how consumers are feeling. Jobless claims are in focus after Fed Chair Powell's dovish speech. Investors will look to the core PCE index to confirm that inflation is falling.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.