Brad Alexander
FX Large Limited
We are always telling you to watch the economic calendar.
Well, the US Federal Reserve caught us all by surprise and lowered rates by 0.5% and not the 0.25% as predicted sending markets flying.
For example, EURUSD moved up and down over 100 pips giving us lots of trading opportunities.
Using a combination of technical indicators and previous support and resistance, we can confirm reversals on most time frames.
This was true of most USD pairs and we will have more interest rate decisions next week so make sure you watch Monday’s video.
As we know, corporations like lower interest rates and the US Indices jumped up with the good news.
We can see that the DJIA and the S&P500 are at record highs but the NASDAQ and the Russell 2000 still have room to move higher.
Last time we were anticipating a long trade on Natural Gas and, as we hoped, price action bounced off the lower trend line and returned to the upper trend line.
But, are we now looking at a reversal? Let’s look again on Monday.
That’s all for now.
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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Editors’ Picks
EUR/USD resumes slide and approaches 1.0900
EUR/USD failed to extend gains and is back under selling pressure in the American session. United States inflation and employment-related figures kept the Fed on the 25 bps rate cut path.
GBP/USD loses momentum and drops to 1.3050
The British pound seems to be running out of steam on Thursday, prompting GBP/USD to face some selling pressueer and slip back to the 1.3050 area, down modestly for the day.
Gold grinds north above $2,620
Gold price bounced sharply after nearing the $2,600 mark, now trading around the $2,620 level. The US Dollar saw a short-lived spike following the release of US data, which came opposite to the Fed needs.
Bitcoin vulnerable despite surge in stablecoin market capitalization
Bitcoin price closed below the $62,000 support on Wednesday, showing signs of weakness. CryptoQuant report shows how rising stablecoin market capitalization could be a positive sign for Bitcoin and other cryptocurrencies.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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