5 Looks at Technical Analysis of USD Pairs. WTI Crude Oil Back to Strength?

In today’s GCI Market Outlook, let’s take a look at Forex Trading on Gold, XAUUSD, WTI Crude Oil, USDCHF, AUDUSD, USDCAD and USDJPY.

Just a reminder that these videos are intended as educational, we are only observing current market conditions, and these are not to be considered as trading advice.

In our last video, we looked at the big fall in all USD pairs, and we may see signs that that is slowing down.

But be careful.

On USDJPY, for example, we see price action forming an ascending triangle, and we need to see a break above 154 yen.

Also, keep in mind that the Fed did not lower interest rates on Wednesday, and inflation is running above target.

Factors like this may strengthen USD, but the big dark cloud for USD is that many foreign economies are dumping USD and US debt.

On USDCAD, we see a clear downtrend with price action reaching the upper trend line and the stochastic oscillator turning down from overbought.

On EURUSD, we are seeing the mirror image of USDJPY with price action forming a descending triangle with solid support.

On AUDUSD, we see another descending triangle forming, but with support below at around $0.698.

USDCHF also has an ascending triangle, but the technicals are undecided.

Keep in mind that the strength of CAD is directly related to the price of Crude Oil, which has been flying all week.

Technically, we see the stochastic oscillator overbought, but the fundamental story is the US threatening to attack Iran.

If these threats subside, we may have a TACO trade and the opportunity to go short on WTI and Brent Crude Oil.

Curiously, we see gold and silver forming a range so we will keep an eye on this for opportunities.

Currently, we see price action at support with oversold stochastic oscillator.

If you want to add a simple moving average, or SMA, to your technical analysis, simply click on the cTrader indicator icon, Trend, Simple Moving Average, and select the Period.

The Period is the number of candles that the Moving Average looks back to calculate the placement of the line.

For example, with the 20-period SMA, we can see bullish and bearish momentum, above and below the line.

We will have more on this in future videos.

That’s all for now.

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