Nasdaq lower in ascending triangle – Forex trading short Silver [Video]

Brad Alexander FX Large Limited

For the last 3 weeks, silver has been following Gold higher.

Are we seeing a reversal?

Silver may be starting a bear run as we see a downward price channel with price action approaching the upper trend line.

The stochastic oscillator is showing some bearish confluence as well.

If we add MACD, we can see even more bearish indication.

If we move out to the one-hour chart, we have the same sentiment but are we seeing a falling wedge?

Last time, we saw a bullish pattern on WTI Crude Oil.

However, the Israeli government has stated that it will not attack Iran’s oil infrastructure causing Oil to open with a gap to the downside.

So? Will price fill the gap with the stochastic oscillator heading into oversold?

Speaking of gaps, every JPY pair opened with gaps after Japan’s elections and political turmoil over the weekend.

Will price action fill this gap with the stochastic oscillator very overbought?

All the US indices except one are lower with the NASDAQ at resistance in this ascending triangle.

The stochastic oscillator is stubbornly staying overbought and MACD is just heading back into bullish territory.

Whatever you are trading this week, we have a full economic calendar so join us on Thursday for a review of USD and Friday’s Non-Farm Payrolls.

That’s all for now.

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: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.