Brad Alexander
FX Large Limited
Last time, we spotted a buy-the-dip opportunity on the S&P500 with price action here and the stochastic oscillator here.
Since then, price action on the S&P500 has risen into this ascending triangle and the stochastic oscillator has moved up into overbought territory.
We expected that last week’s rally on WTI crude oil was short-lived and price action has opened lower today.
The stochastic oscillator may be telling us that the latest fall might be stalling.
If we move out to the daily chart we see a similar situation with our technicals and where price action has just reached the lower trend line.
However, don’t open a long position until you see some confirmation and check the latest news from the Middle East.
USD is consolidating now ahead of the American elections 5 November so be aware of false breakouts.
However, we may see some volatility on CAD with an expected 50-basis point cut in Interest Rates.
Watch this, and the price of WTI on Wednesday, as we are seeing recent CAD weakness.
For example, on EURCAD, we see price action in the middle of a range and the stochastic oscillator looking very overbought.
That’s all for now.
CFDs and FX are leveraged products and your capital may be at risk.
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 resumes slide below 1.0500
EUR/USD gained modest upward traction ahead of Wall Street's opening but resumed its slide afterwards. The pair is under pressure in the American session and poised to close the week with losses near its weekly low at 1.0452.
GBP/USD nears 1.2600 as the US Dollar regains its poise
Disappointing macroeconomic data releases from the UK put pressure on the British Pound, yet financial markets are all about the US Dollar ahead of the weekly close. Demand for the Greenback increased in the American session, pushing GBP/USD towards 1.2600.
Gold pierces $2,660, upside remains capped
Gold (XAU/USD) puts pressure on daily lows and trades below $2,660 on Friday’s early American session. The US Dollar (USD) reclaims its leadership ahead of the weekly close, helped by rising US Treasury yields.
Broadcom is the newest trillion-dollar company Premium
Broadcom (AVGO) stock surged more than 21% on Friday morning after management estimated on Thursday’s earnings call that the market for customized AI accelerators might reach $90 billion in fiscal year 2027.
Can markets keep conquering record highs?
Equity markets are charging to new record highs, with the S&P 500 up 28% year-to-date and the NASDAQ Composite crossing the key 20,000 mark, up 34% this year. The rally is underpinned by a potent mix of drivers.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.