Brad Alexander
FX Large Limited
We often like to do what we call a strong/weak analysis where we look for the weakest and strongest currencies.
To start, we look at all the individual currency profiles and we find that all the NZD pairs are showing the Kiwi as the strongest currency.
If we keep looking we see that CHF is the weakest currency.
So, logically we would look at NZDCHF to see what it is doing to either go long or look for a reversal.
On the 4-hour chart, we see the obvious strong/weak comparison but the Stochastic Oscillator is quite overbought.
If we move out to the daily chart, we might have trouble finding a buying opportunity as we are at resistance now.
The Stochastic Oscillator is overbought here as well but undecided.
So, we need to see a break above or a bounce to the downside.
WTI, as well, is at resistance and, just like NZDCHF, the stochastic oscillator is confused.
The elevated price of WTI is having little effect on CAD, but watch out for tomorrow’s Canadian CPI figures.
These will be a key barometer for the Bank of Canada and we may see some volatility.
On Wednesday we have a US FOMC Meeting Minutes so expect volatility as investors and traders will be looking for clues as to the Fed’s monetary policy.
Price action finally broke the falling wedge on Silver, with typical bullish indications.
If we move out to the 4-hour chart, we see a major pullback and the opportunity to go long again once we see the stochastic oscillator,
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