Forex range trading Silver – USD reversal? [Video]
![Forex range trading Silver – USD reversal? [Video]](https://editorial.fxsstatic.com/images/i/Commodities_Silver-1_XtraLarge.jpg)
In today’s Market Outlook, let’s take a look at Forex Trading on Silver (XAG/USD), NZD/USD, EUR/USD, and USD/CAD.
Yesterday, we saw some rapid wild swings in USD pairs based on the Non-Farm Payroll report.
This month’s NFP report came early as today is a holiday in the US.
The numbers came in much higher than expected, and unemployment was lower than expected.
These green numbers made USD go temporarily stronger, but the market quickly rectified that in many pairs.
In NZDUSD, we may be looking at a reversal to the downside, so keep an eye on your trend lines and indicators.
EURUSD attempted to make a recovery but also seems to be reversing.
Lower unemployment and higher NFP numbers mean a stronger USD as the Fed will be less inclined to lower interest rates.
This will not sit well with the current administration which is looking for a new Fed chair who wants to lower rates.
The NFPs also affected the downtrend in USDCAD, which we have been following.
Price action is near support and as we can see on the daily chart USD weakness and CAD strength.
We will watch to see if price action breaks below or reverses to the upside.
The USD weakness has helped the price of precious metals like silver.
We are now in a range trading opportunity, and we see where technical indicators can help us find entry and exit points.
Author
Brad Alexander
FX Large Limited
Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.
