Forex trading Nasdaq at support, Silver starting bear run? [Video]
![Forex trading Nasdaq at support, Silver starting bear run? [Video]](https://editorial.fxsstatic.com/images/i/Equity-Index_Nasdaq-2_XtraLarge.jpg)
We see price action on the NASDAQ at support at levels not seen since last September.
Yesterday’s low represents a 15% drop from the highs, but this is no ordinary correction.
Yes, the 15% drop in the NASDAQ since last December is based on a few factors.
But, tomorrow’s news on US tariffs will give us some idea on the next moves.
Both WTI and Brent crude shot up yesterday based on supply worries.
Price action is nearing resistance from last November and we are still seeing bullish signals from the stochastic oscillator.
We got a bullish signal from MACD wailer this month, and it was correct.
If we move into the 4-hour chart, MACD is looking bullish still.
Again, until we get confirmation on US tariffs, be careful with the technicals.
Last time we were looking at a buy trade on Silver, and price action did, in fact make it to resistance from October.
If we move out to the 1-hour and 4-hour charts, we see a somewhat ragged descending triangle.
Or, is it a bearish channel?
Let’s keep an eye on it to see if silver is starting a bear run.
Come back in a couple of days and we will take a good look at this week’s Non-Farm Payrolls and the USD Majors.
That’s all for now.
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Author
Brad Alexander
FX Large Limited
Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.
