Brent Crude rises on Hormuz attacks – Dow Jones weak on interest rate and inflation fears [Video]

Just as price action on WTI and Brent Crude was falling, Monday and Wednesday saw attacks on shipping in the Strait of Hormuz and look what happened.

And, as we mentioned last time, the price difference between WTI and Brent is very high at more than $15.

In today’s Market Outlook, let’s take a look at Forex trading on Gold, XAU/USD, Silver, XAG/USD, EUR/GBP, GBP/CAD, GBP/CHF, EUR/CAD, NZD/CAD, USD/CAD, the Dow Jones Industrial Average, the NASDAQ, and WTI and Brent crude Oil.

Everyone wants to go short on oil to make some pips, but the war has other ideas.

We see a clear bear run on WTI and price at the upper trend line, but could this be a Bullish falling wedge?

You can keep an eye on your technical indicators on various time frames, but please be mindful that this is a fundamental trade, not necessarily a technical trade.

We have also mentioned many times that the higher cost of oil affects the Dow Jones Industrial Average more than the others, and the index is still in decline.

The NASDAQ, on the other hand, is still on the rise based on renewed AI and tech enthusiasm.

Today we may have opportunities with GBP, with Andrew Bailey’s speech, as we see mixed strength and weakness.

For example, if we see a pullback to the upside on EURGBP, we want to get back into the markets WITH trend after the news.

Or, to the downside on GBP/CAD, where price action is now at the lower trend line.

Check other GBP pairs like GBPCHF, where we see a ranging market.

Tomorrow we have Canadian employment change data, and as we know, US and Canadian employment figures have been fluctuating wildly over the last few months.

So, for example, if the news drives price action on USD/CAD lower, we may have an opportunity to trade WITH the trend.

On EUR/CAD, we see the opposite situation with a weaker EUR.

And on NZD/CAD, price action is approaching the upper trend line.

Check all your CAD pairs, and you will find more opportunities.

We are back to seeing similar price action on gold and silver, as they were diverging for a while.

Price action on gold broke out of the descending triangle we spotted last time and is heading back to the upper trend line.

As USD continues stronger, gold will fall, and we want to try to trade in the direction of the trend.

So, keep an eye on the news, especially the Fed, as they may raise interest rates this month, and the US Treasury, as bond yields remain elevated and unpredictable.