Brad Alexander
FX Large Limited
Gold took a huge jump higher, breaking this upper trend line, and price action has stalled at resistance.
If we get a break above we could be looking at a new record high which was set last December.
If we get a bounce to the downside, we would wait for some technical confirmation like a cross and a downturn below 80 on the stochastic oscillator.
So? What happened?
We note that all USD pairs had the same price action weakness including a violent whipsaw based on last Friday’s bad PMI number.
The weakness continues on EURUSD, GBPUSD, and USDCHF.
One pair that we will monitor is USDCHF where we have an uptrend and the possibility of a reversal if this fall in price action is temporary and if the stochastic oscillator turns up above 20.
The reason that we have CHF strength is today’s CPI figure (Inflation) which was higher than expected.
This week we have a lot of opportunities with Canadian and European Interest Rate decisions, Jerome Powell’s testimony to Congress, and the US Non-Farm Payrolls.
EUR is the strongest currency so watch the ECB news this week and maybe we can spot some violent price action to the downside, to get us into trades WITH the trend.
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
AUD/USD plummets to 0.6250, two-day lows
AUD/USD now retreats from the area of daily highs north of 0.6300 the figure and revisits the mid-0.6200s as investors continue to digest Trump's announcements on "Liberation Day".
EUR/USD loses the grip and retests 1.0800
The US Dollar is now picking up further pace and sends EUR/USD back to the 1.0800 neighbourhood following President Trump's announcements of reciprocal tariffs on Wednesday.
Gold remains well bid near $3,140 post-Trump tariffs
Gold maintains its bullish stance well in place and trade near its record highs in the wake of President Trump's announcement of reciprocal tariffs. In addition, declining US yields also collaborate with the metal's bounce.
Grayscale launches Bitcoin options ETF with a focus on income generation
In a press release on Wednesday, Grayscale announced the launch of Bitcoin options-based ETFs, the Grayscale Bitcoin Covered Call ETF (BTCC) and Grayscale Bitcoin Premium Income ETF (BPI).
Trump’s “Liberation Day” tariffs on the way
United States (US) President Donald Trump’s self-styled “Liberation Day” has finally arrived. After four straight failures to kick off Donald Trump’s “day one” tariffs that were supposed to be implemented when President Trump assumed office 72 days ago, Trump’s team is slated to finally unveil a sweeping, lopsided package of “reciprocal” tariffs.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.