Is US Dollar weakness slowing? AUD/USD is at resistance. Is Silver in reversal? [Video]
|We have seen much USD weakness based on the trade wars being started by the US administration.
We are seeing some consolidation going into the Easter and don’t forget, Monday is a holiday in many markets as well.
The question is: will this consolidation turn into a reversal?
For example, price action on AUD/USD has returned to resistance.
The stochastic oscillator is very overbought and looking at turning over to the downside.
Of course, watch the news for the latest information on the US tariffs and trade wars.
We see recent CHF weakness on almost all pairs and we see some technical opportunities to watch next week.
Price action on NZD/CHF has fallen to the lower trend line and the stochastic oscillator is heading for oversold.
We may be in a rising wedge which may signal another reversal.
We are also keeping an eye on CHF/JPY with price action at the upper trend line.
We are also monitoring a potential double bottom on EUR/NZD but we need to see if price action breaks the neckline.
We were looking at a possible reversal on silver last time.
Today’s price action was bearish and a bit volatile with the stochastic oscillator overbought and turning down.
As we mentioned earlier, if we see some USD strength we may see XAG/USD go lower.
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