Forex Trading on EURUSD. USDJPY in Falling Wedge. Trading Long on Natural Gas?

In today’s GCI Market Outlook, let’s take a look at Forex Trading on Natural Gas, USDJPY, WTI Crude Oil, EURCHF, EURCAD, and EURUSD.

If you caught our last video, we showed you a falling wedge on EURUSD.

Well, look what happened.

The falling wedge is a bullish indication and price broke out to the upside but we see a reversal in price action and the stochastic oscillator.

We are getting similar price action on EURCHF and EURCAD but we think the EURUSD looks like a safer trade.

Price action on WTI has been moving up for 5 days but it may be looking at a reversal.

The stochastic oscillator has turned over from overbought and we could be seeing a new trend line.

However, MACD may be heading back into bullish territory so beware.

It looks like our call on USDJPY was correct as price action rolled over perfectly and we had a nice short trade.

However, we may be seeing a falling wedge forming and we know what that means!

Natural Gas has been in a bull run for 3 weeks now and we are waiting for the next long opportunity.

If price reaches the lower trend line and the stochastic oscillator reaches oversold, we will look for a long opportunity.

On the daily chart we see the same story with a lackluster MACD trying to come to life into bullish territory.

For you Fibonacci fans, we see a key level at 61.8% and price action is trying to break the 50% level.

That’s all for now.

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