Buy the dip on the S&P 500 and Nasdaq? Forex trading short on NZD/USD and Gold [Video]

Brad Alexander FX Large Limited

In today’s Market Outlook, let’s take a look at Forex Trading on GBP/USD, EUR/USD, USD/JPY, Gold XAU/USD, and the S&P500.

We have had another fall in global stock indices as investors wait for today’s US PCE report.

Even though Jerome Powell spoke about a rate cut, many want to see that US inflation is really being curbed.

Yes. It’s all about tariffs.

This will affect USD as well, and we see weakness against the COMMDOLS, CHF and EUR.

For example, we may find a short opportunity on NZDUSD, which is in a downtrend.

AUDUSD, not so clear, but watch support and resistance and your technicals.

We see range trading opportunities on EURUSD and USDJPY.

And a symmetrical pennant on GBPUSD.

We see an obvious ascending triangle on gold and a stochastic oscillator that is very overbought.

The same with silver.

All wonderful opportunities, but today’s economic news at 8:30 am Washington time will tell us everything we need to know.

Author

Brad Alexander

FX Large Limited

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

EUR/USD flirts with weekly lows near 1.1770

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to challenge the area of weekly throughs near 1.1770 on Thursday. The pair’s decline comes in response to marked gains in the US Dollar amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.