WTI Crude Oil in Descending Triangle. Forex Trading USD Strength: Will it Last?

In today’s GCI Market Outlook, let’s take a look at Forex Trading on WTI Crude Oil, Gold, XAUUSD, EURUSD, USDCHF, and the Dow Jones Industrial Average.

In our last video, we looked at buying the dip on the DJIA.

Look what happened!

At first glance, we see all the US indices flying high, but under closer examination, they went at different times, and one followed the others

We can use this as key information when this happens next time.

We see USD getting stronger right across the board, but let’s take a closer look.

Price action on EURUSD is still in an upward channel that is getting steeper, but we will keep an eye on our trend lines.

USDCHF has pulled back today, and we are watching the downtrend here.

The reason for the strength was that, even though the Fed lowered interest rates as expected, Jerome Powell’s press conference was less than optimistic.

Speaking of USD pairs, with the stronger dollar, Gold is a bit weaker.

But, are we seeing a falling wedge?

We will also keep an eye on key levels of support.

Political unrest in the United States just may have investors looking at gold as a safe haven, again.

On the WTI daily chart, we see a descending triangle with support at $62.

The next OPEC meeting will occur on the 1st of October, and if they hold to their production increases, prices may fall further.

That’s all for now.

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