Brad Alexander
FX Large Limited
We looked at buying the dip on the NASDAQ last week and look what happened.
Yes. Price action on the NASDAQ rose after the dip based on the optimism that the Fed will be lowering interest rates this month.
However, we are now at the upper trend line in a bear run so be careful.
The stochastic oscillator is overbought and about to cross, and the US markets are closed today.
Another US Index to watch is the Russell 2000 which represents a number of factors of each of the 2000 mid-cap companies, including market capitalization.
Price action is at the lower trend line in a bull run that is now one month old.
But keep an eye on the economic news and the technicals.
Regarding the US Equities, this is Jobs Week in the US with the Non-Farm Payrolls due out on Friday.
The Canadian markets are anticipating an Interest Rate cut by the BoC.
As we can see from the charts, CAD pairs are diverse but with recent CAD strength.
AUDCAD is in a ranging market so, if the news drives price action to resistance, we may have a short opportunity.
Or, in the case of GBPCAD, if the news drives price action to this upper trend line, we may also have a short opportunity.
Just watch the news and the technicals.
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 holds steady slightly above 1.1050
EUR/USD fluctuates in a narrow range slightly above 1.1050 on the first trading day of September. The US Dollar struggles to build on the previous week's gains as trading conditions remain thin, with US markets remaining closed on Labor Day.
GBP/USD trades in tight channel below 1.3150
GBP/USD moves sideways below 1.3150 in the second half of the day on Monday. Financial markets in the US remain closed in observance of the Labor Day holiday, not allowing the pair to make a decisive move in either direction.
Gold battles to retain the $2,500 mark
Gold struggles to find direction on Monday as it continues to move up and down at around $2,500. Later in the week, key macroeconomic data releases from the US, including August PMI figures and the jobs report, could trigger the next big action in XAU/USD.
Crypto Today: Bitcoin at risk of further decline, Ethereum recovers to $2,500, XRP holds steady at $0.55
Bitcoin and Ethereum gain ground on Monday after opening September in the red. XRP hovers around $0.55 as pro-crypto attorneys discuss the impact of a possible SEC appeal to the Ripple lawsuit ruling.
Week ahead: US labour data and the BoC rate announcement in focus
With US Federal Reserve Chair Jerome Powell’s recent speech at the Jackson Hole Symposium confirming that it is time to begin easing policy as well as underlining the importance of the jobs market, this week’s jobs data may help determine how the Fed approaches its easing cycle.
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.