NASDAQ Lower in Ascending Triangle. Forex Trading Short Silver (XAGUSD). WTI Crude Oil and JPY Open with Gaps.

In today’s GCI Market Outlook let’s take a look at Forex Trading on USDJPY, the NASDAQ, WTI Crude Oil, and Silver (XAGUSD).

For the last 3 weeks, silver has been following gold higher.

Are we seeing a reversal?

Silver may be starting a bear run as we see a downward price channel with price action approaching the upper trend line.

The stochastic oscillator is showing some bearish confluence as well.

If we add MACD, we can see even more bearish indication.

If we move out to the one-hour chart, we have the same sentiment but are we seeing a falling wedge?

Last time, we saw a bullish pattern on WTI Crude Oil.

However, the Israeli government has stated that it will not attack Iran’s oil infrastructure causing Oil to open with a gap to the downside.

So? Will price fill the gap with the stochastic oscillator heading into oversold?

Speaking of gaps, every JPY pair opened with gaps after Japan’s elections and political turmoil over the weekend.

Will price action fill this gap with the stochastic oscillator very overbought?

All the US indices except one are lower with the NASDAQ at resistance in this ascending triangle.

The stochastic oscillator is stubbornly staying overbought and MACD is just heading back into bullish territory.

Whatever you are trading this week, we have a full economic calendar so join us on Thursday for a review of USD and Friday’s Non-Farm Payrolls.

That’s all for now.

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