Trading Short Platinum. Forex Trading Long on GBPCAD; Short on EURGBP. Range Trading AUDUSD.

In today’s GCI Market Outlook, let’s take a look at Forex Trading on AUDUSD, Platinum, GBPCAD, EURGBP, and Silver (XAGUSD).

In our last video, we spotted this falling wedge on Silver while waiting for a bullish break.

Look what happened!

Price action has just broken this key level of resistance at $30 but the stochastic oscillator is overbought.

The daily chart however tells a different story as we may have a bit of room to move to the upside to this upper trend line.

Also, the stochastic oscillator has a bit of room to go as well.

We also looked at GBP strength last time with a GBPCAD long and a EURGBP short.

Price action is going in the right direction if you opened positions, and actually gapped here.

Price has filled the gaps and we want it to continue.

However, watch out for today’s BoE Interest Rate Decision as we could get some volatility.

If the vote is worse than the projected 0-2-7, like 0-0-9 or 1-0-8, expect pound strength.

Getting back to precious metals, we find price action on Platinum in a rising wedge.

If we move out to the 4-hour chart, we see bullish agreement between price action and the stochastic oscillator.

However, that may come to an end when price action reaches this upper trend line.

And our range trading on AUDUSD is working out perfectly.

You are welcome!

That’s all for now.

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