Forex Trading Long on AUDCAD. WTI and Brent Erratic on Supply News. Forex Trading Short Silver XAGUSD?

In today’s GCI Market Outlook let’s take a look at Forex Trading on AUSCAD, AUDCHF, Silver, XAGUSD, BitCoin, BTCUSD, WTI and Brent Crude Oil.

In our last video, we spotted a long opportunity on WTI and it worked out.

So, why did crude oil fall just after that?

The fall in WTI and Brent Crude can be attributed to 2 factors:

Firstly, Wednesday’s US Inventories came in way higher than predicted and, there was positive news about a nuclear deal between the US and Iran.

Price action opened with a gap yesterday and it rising today.

However, we are seeing bearish technical signals on longer time frame charts but bullish on shorter time frames.

Let’s keep an eye on Brent and WTI and watch the news.

We see BitCoin consolidating at around $104,000, short of the all-time highs.

Any news, negative or positive on crypto coins…any crypto coins…will affect price action so be aware.

We were looking for a reversal on silver and we got it.

Price rose after reaching the lower trend line and we see another short opportunity, but beware of a weak dollar.

We see some temporary weakness in AUD.

If we take a closer look we can see long opportunities on AUDCAD and AUDCHF.

I encourage you to take a look at all AUD charts.

That’s all for now.

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