Strongest Currency = EUR. Forex Trading EURUSD, EURCHF, XAUUSD in Ascending Triangle.

In today’s GCI Market Outlook let’s take a look at Forex Trading on Gold, XAUUSD, WTI Crude Oil, GBPUSD, EURCHF, and EURUSD.

The ECB has indicated that it is in no hurry to cut rates again and EUR has risen in value.

The Fed, on the other hand, saw lower CPI numbers yesterday indicating a rate cut.

EUR is the strongest currency right now, against all others.

If we move out to the daily chart on EURUSD we see that price action is at resistance so we will watch for a break above or a bounce to the downside.

Price action on EURCHF has formed an ascending triangle and we will keep an eye on our technicals like the stochastic oscillator which is now overbought.

Keep an eye on all the EUR charts as reversals or breakouts may be in our future.

Last night, Middle East tensions returned to the news and the price of WTI Crude Oil shot up.

Price action is retreating, but will it go lower?

On the daily chart, we see a clear downtrend and that price has returned to this key level.

Speaking of key levels, price action on gold is rising to this level of resistance probably based on Middle East tensions as well.

Price action is forming an ascending triangle here as well and we will keep an eye on our technicals.

That’s all for now.

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