Brad Alexander
FX Large Limited
Looking at the 4-hour chart on WTI Crude Oil we see that the bull run might be continuing.
Or could this be a double top?
If we look at other time frames on WTI, we see a different story.
For example, on the weekly chart, we see price action in a symmetrical pennant and the stochastic oscillator is overbought and turning down.
The weekend’s attempted assassination of the former president had USD opening stronger and they are calling this a new Trump Trade.
So, we see long opportunities to fill the gaps in EURUSD, GBPUSD, and AUDUSD.
In the short term, the strongest currency is JPY with sudden strength last week.
In the longer term, GBP is still very strong and we will keep an eye out for reversals.
The weaker currency is CAD despite the previously mentioned price of WTI.
This week’s economic news may shape future moves with Inflation figures from Canada, New Zealand, and the UK.
We have retail sales news from the US, the UK and Canada.
And, Thursday, an Interest Rate Decision from the ECB.
EUR is incredibly mixed so we may have some obvious opportunities on Thursday.
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 extends recovery beyond 1.0400 amid Wall Street's turnaround
EUR/USD extends its recovery beyond 1.0400, helped by the better performance of Wall Street and softer-than-anticipated United States PCE inflation. Profit-taking ahead of the winter holidays also takes its toll.
GBP/USD nears 1.2600 on renewed USD weakness
GBP/USD extends its rebound from multi-month lows and approaches 1.2600. The US Dollar stays on the back foot after softer-than-expected PCE inflation data, helping the pair edge higher. Nevertheless, GBP/USD remains on track to end the week in negative territory.
Gold rises above $2,620 as US yields edge lower
Gold extends its daily rebound and trades above $2,620 on Friday. The benchmark 10-year US Treasury bond yield declines toward 4.5% following the PCE inflation data for November, helping XAU/USD stretch higher in the American session.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.