Brad Alexander
FX Large Limited
If you caught last Thursday’s video, we gave you the technical clues to look out for on a Crude Oil short position.
We hope you were paying attention because look what happened.
Price action is now at a key level of support at $76 and MACD is now heading into bearish territory.
If we look at the daily charts we see the stochastic oscillator still heading down and the signal line has crossed out of the histogram which is a bearish sign.
Keep an eye on this lower trend line as we have room to move to the downside.
If you like to trade Stock Indices, you will be happy to know that Amazon has replaced the Walgreens Boots Alliance on the Dow Jones Industrial Average.
This is significant as Amazon is a far more volatile stock in comparison to the 29 other companies on the index.
You may trade Amazon, like many equities, on the GCI platforms and we can see the parallels between Amazon and the DJIA.
Last Friday we saw a sudden fall in the value of NZD and we would expect to trade a reversal and follow the trend.
Be careful though as tomorrow we have an Interest rate decision from the Reserve Bank of New Zealand.
We aren’t expecting a change but we always get volatility.
Also, we have some key US economic indicators this week and the Fed will be watching for their next decision on Interest rates.
CFDs and FX are leveraged products and your capital may be at risk.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
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