Forex Trading long AUDUSD. WTI Crude Oil in Symmetrical Pennant. Inflation in Focus this Week.

In today’s GCI Market Outlook, let’s take a look at Forex Trading on EURUSD, GBPUSD, AUDUSD and WTI Crude Oil.

Looking at the 4-hour chart on WTI Crude Oil we see that the bull run might be continuing.

Or could this be a double top?

If we look at other time frames we see a different story.

For example, on the weekly chart, we see price action in a symmetrical pennant and the stochastic oscillator is overbought and turning down.

The weekend’s attempted assassination of the former president had USD opening stronger and they are calling this a new Trump Trade.

So, we see long opportunities to fill the gaps in EURUSD, GBPUSD, and AUDUSD.

In the short term, the strongest currency is JPY with sudden strength last week.

In the longer term, GBP is still very strong and we will keep an eye out for reversals.

The weaker currency is CAD despite the previously mentioned price of WTI.

This week’s economic news may shape future moves with Inflation figures from Canada, New Zealand, and the UK.

We have retail sales news from the US, the UK and Canada.

And, Thursday, an Interest Rate Decision from the ECB.

EUR is incredibly mixed so we may have some obvious opportunities on Thursday.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.