US and UK Interest rates in Focus. Forex Trading the Gap on WTI & Brent Crude After OPEC Production Boost.

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

If we jump straight into the economic calendar we see Interest Rate decisions from the Fed and the Bank of England.

Analysts are expecting a lowering of rates out of London.

We see GBP weakness against AUD, NZD, JPY, and CAD.

Looking at GBPAUD on the daily chart, we see a pullback but if the BoE does not lower interest rates this week, the bullish trend should continue.

GBPUSD looks like it is consolidating, but the daily chart also shows a different story.

Keep an eye on the announcement and any language from Andrew Bailey about future rate reductions.

Globally, indices like the S&P500 are creeping up but you may see a bit of a slowdown while investors wait for the Fed’s announcement, statement, and press conference.

Check all your charts on indices as we may have an opportunity to buy the dip if Jerome Powell talks about further rate decreases.

We see price action on WTI and Brent Crude opening with a gap today and now recovering.

You will note the stochastic oscillator is oversold on both the 4-hour and the daily charts.

Tomorrow we have Employment figures from New Zealand and we have a few ways to take advantage.

For example, we see a range trading opportunity on NZDUSD and I encourage you to check other NZD charts and see if the figures miss analysts’ expectations.

That’s all for now.

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