Brent Crude higher on OPEC, but will it last? – Forex trading double top on USD/CAD [Video]

Brad Alexander FX Large Limited

In today’s Market Outlook, let’s take a look at Forex Trading on Bitcoin, BTCUSD, the DAX40, the CAC40, the FTSE100, USDCAD, USDJPY, and Brent Crude Oil.

As we discussed in our last video, Sunday’s OPEC meeting resulted in the announcement of production cuts and the price of Brent and WTI Crude Oil opened higher with a gap.

The price action gap in crude oil spanned almost a full dollar so, can we expect price to fill the gap?

Despite the production cuts, analysts see downward pressure owing to global oversupply, weaker demand, and cyclical softness in seasonal fuel use.

If we look at the daily chart on Brent Crude we see the same bear run that we have been watching for months and an overbought and crossing stochastic oscillator.

We see support below at around $61.

Last time we looked at JPY and we see some strength in JPY against USD.

This isn’t the case in all pairs but we see an opportunity in this downtrend.

The downward channel is obvious and the stochastic oscillator is very overbought.

However, keep an eye on MACD which is bearish now, but maybe looking to make a change.

We see a very similar technical picture on USDCAD but a short trade might be questionable.

If we look at the daily chart on USDCAD, we see almost the opposite picture with an oversold stochastic oscillator and price action breaking below the lower trend line.

Are we seeing a double top on the daily chart?

Keep an eye on this level of support.

Being the beginning of the month, you may be expecting to get some clues from the Non-Farm Payrolls.

You will be disappointed as they will be delayed this month until 16 December, due to the US government shutdown.

Almost exclusively, we see an overbought stochastic oscillator on the European Indices including the German DAX40 and the UK’s FTSE100.

Investors are likely in a risk-off mood while waiting on news of the Ukraine/Russia peace plan and other factors.

The price of Bitcoin continues to fall with a roughly $3,000 drop yesterday.

We see support at $75,000 but, will that mean anything?

Right now we see contradictory technical indications on the daily chart.

That’s all for now.

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

Author

Brad Alexander

FX Large Limited

Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.

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