Brad Alexander
FX Large Limited
The market was assuming at least 2 rate cuts by the Fed this year, but that is likely off the table thanks to tariffs and trade wars.
So, we see USD strength.
The entire world is waiting for 2 April to see if the US will, in fact, follow through on threats of tariffs.
We can see that USDJPY is the most bullish of all the majors.
In fact, JPY is our weakest currency this week, with most pairs at or near chart resistance.
Japanese inflation is lower at 3%, but the BoJ wants to see something closer to 2%, of course.
USD strength has caused a pullback in gold, but it is still above $3,000.
If we move out to the 4-hour chart, we see bearish technicals but, again, watch the news as anything can happen under the current US administration.
As we spotted last time, price action on silver often follows gold.
Watch for a reversal at the lower trend line in this bull run.
The technicals are contradictory and, if we move in to the 4-hour chart, we see similar price action to gold.
Watch your technicals as well.
Price action on WTI Crude Oil has moved up based on tariff fears, Middle East Sanctions and Suez Canal disruptions, among others.
Technically, we may be seeing a reversal soon, but keep an eye on the fundamentals.
Also, you will note that the upper trend line in this equidistant channel only intersects two swing highs so it may not be valid if we don’t get confirmation of downward movement.
The idea of no Interest Rate decreases has helped the US Indices but again, watch the news and be careful.
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.
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