Forex Trading Short on WTI Ahead of OPEC? US Indices Higher on Amazon and Apple.

In today’s GCI Market Outlook, let’s take a look at Forex Trading on the USDCAD, AUDCAD, NASDAQ, the S&P500, Brent, and WTI Crude Oil.

We see both WTI and Brent Crude Oil in a bear run, and price action has just bounced off the upper trend line.

Will WTI and Brent fall further?

Analysts figure that this weekend’s online OPEC+ meeting will result in more production increases, creating lower prices.

On the daily charts, we see a technical oversold signal on the stochastic oscillator, so you technical traders may want to wait for a bearish signal.

If OPEC+ genuinely decides to increase production, we may see a gap to the downside on Monday.

Bad earnings reports drove the indices down, but good reports from Apple and Amazon drove price action higher.

After this hammer candle on the NASDAQ and S&P500.

With the news on oil, we are looking at CAD pairs as it is almost always affected by the price of crude oil.

We see price action on almost all pairs like USDCAD and AUDCAD sitting at key levels and, importantly, mixed strength and weakness.

Again, the OPEC+ meeting may also affect CAD.

If we look at USDCAD on the daily chart, we see a bull run since June and a technical reversal today in the direction of the trend.

If we look at the 1-hour chart, we see a cup-and-handle pattern…yes, that is a real thing…and it is a bullish pattern.

We will watch for a break above this key level of $1.40.

That’s all for now.

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