Gold XAUUSD at $4,000 Support! Forex Volatility & Global Rate Decisions

Good day, Team GCI.

We are seeing renewed strength in AUD in some pairs like EURAUD, and this gives us a great opportunity to trade tomorrow’s Australian CPI report.

Watch for a counter-trend move and your indicators to let us enter a position WITH the trend.

I’m Brad Alexander, and in today’s Market Outlook, let’s take a look at Forex trading on the NASDAQ, the Dow Jones Industrial Average, the S&P500, Gold, XAUUSD, CADCHF, AUDNZD, GBPNZD, GBPAUD, and EURAUD.

Just a reminder that these videos are intended as observational and educational, and are not to be considered as trading advice.

We see the same situation with GBPAUD, and I encourage you to check all AUD pairs and watch for counter-trend moves.

Then, we have an interest rate rise predicted for the NZD, and we see the same situation on GBPNZD and EURNZD.

We also see a small uptrend on AUDNZD, but keep in mind that these 2 news events are only 30 minutes apart, so anything can happen.

Later in the day, we have an interest rate decision from Canada with a rate increase predicted.

CADCHF, for example, has been in an uptrend since the beginning of July, so watch for the trend to continue if we get a pullback.

Trading interest rates can be complicated as, in the case of NZD and CAD, the rate rises may have already been priced in, so be careful.

Then, finally, we have the US interest rate decision, where we expect no change.

But the market will be moved by the voting tally and what is said in the subsequent FOMC statement, so expect volatility.

Right now, we see USD strength in some pairs and consolidation in others, but there is another key factor to consider.

Next week, Americans will be voting in the Midterm elections, and we may be in for some political and financial chaos.

In next Tuesday’s video, we will do our best to take a look at the implications for USD, gold, and the Indices.

Speaking of gold, last week we looked at the reasons that XAUUSD is still bearish.

We can see clear support at the round psychological figure of $4,000, so if we see a countertrend move after the news, we may be able to enter the market WITH the trend.

The same goes for the US indices, and we still see a clear uptrend on the Dow Jones and downtrends on the NASDAQ and S&P500.

That’s all for now.

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