Forex Trading Long GBPAUD. WTI Crude Oil moving Bearish? CHF Stronger; For How Long?

In today’s GCI Market Outlook, let’s take a look at Forex Trading on WTI Crude Oil, USDCHF, EURAUD, and GBPAUD.

Employment Change in Australia was much higher than expected so AUD went stronger temporarily.

So, we now look for pairs where AUD is the weaker currency and we see EURAUD and GBPAUD.

Price action on the GBPAUD 1-hour chart has touched the lower trend line in this bull run.

The Stochastic Oscillator is oversold and may turn up soon.

But, watch out for today’s UK Claimant Count figure.

If you want to trade EURAUD, watch out for today’s Interest Rate Decision.

Recently, the SNB talked about slowing down Quantitative Easing which drove CHF stronger.

Soon, they may look at lowering Interest Rates which will drive price action in the other direction so we will keep an eye on this.

Looking at USDCHF on the daily chart, we see price action at a key level so we will look for a break below to follow the bear run.

Fibonacci shows us other key levels and the next level below at the 50% level.

Last time we spotted this symmetrical pennant on WTI on the weekly chart with the stochastic oscillator overbought and turning down.

We are seeing a downtrend on the four-hour chart and you may have caught this short opportunity with price bouncing off the upper trend line.

That’s all for now.

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