Forex trading Gold in ascending triangle, USD weaker still – DAX near all-time highs [Video]

Brad Alexander FX Large Limited

Let’s take a look at Forex Trading on WTI Crude Oil, Gold XAU/USD, the DAX, the S&P500, EUR/USD, and USD/CAD.

Last time we spotted a short trade on USD/CAD, and look what happened.

We may see a temporary technical reversal but if we move out to the daily chart, we see continuing USD weakness.

In fact, we see USD weakness everywhere and short USD seems to be a popular trade.

The White House is actively looking for a new Fed chair who will be malleable and want to lower interest rates.

The closer they get, the weaker the dollar gets.

Corporations prefer lower interest rates and, therefore, the US indices are still climbing.

The DAX, as well, has recovered nicely since the tariff craziness.

It is near the all-time high of 24,500, and any good news on US/European trade talks or ECB interest rate cuts may push it above.

USD weakness has helped price action on gold, but watch your trend lines and technicals.

The daily chart shows us that there might be room to move to the upside in this ascending triangle with the stochastic oscillator oversold.

After all the excitement of the US strike on Iran’s nuclear facilities, price action on crude oil has been incredibly stable.

However, keep an eye out for tomorrow’s US Crude Oil Inventories and Thursday’s Non-Farm Payrolls as Friday is a holiday in the US.

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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