Forex trading on NZD pairs, WTI at key support, Amazon in focus as it joins [Video]

Brad Alexander FX Large Limited

If you caught last Thursday’s video, we gave you the technical clues to look out for on a Crude Oil short position.

We hope you were paying attention because look what happened.

Price action is now at a key level of support at $76 and MACD is now heading into bearish territory.

If we look at the daily charts we see the stochastic oscillator still heading down and the signal line has crossed out of the histogram which is a bearish sign.

Keep an eye on this lower trend line as we have room to move to the downside.

If you like to trade Stock Indices, you will be happy to know that Amazon has replaced the Walgreens Boots Alliance on the Dow Jones Industrial Average.

This is significant as Amazon is a far more volatile stock in comparison to the 29 other companies on the index.

You may trade Amazon, like many equities, on the GCI platforms and we can see the parallels between Amazon and the DJIA.

Last Friday we saw a sudden fall in the value of NZD and we would expect to trade a reversal and follow the trend.

Be careful though as tomorrow we have an Interest rate decision from the Reserve Bank of New Zealand.

We aren’t expecting a change but we always get volatility.

Also, we have some key US economic indicators this week and the Fed will be watching for their next decision on Interest rates.

CFDs and FX are leveraged products and your capital may be at risk.

Author

Brad Alexander

FX Large Limited

Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.

EUR/USD looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.