Jackson Hole, BoE, BoJ in focus – Forex trading short on Silver [Video]

Brad Alexander FX Large Limited

In today’s Market Outlook, let’s take a look at Forex Trading on Silver, XAGUSD, GBPAUD, USDJPY, USDCHF, and AUDUSD.

We are seeing recent USD strength, which may mean waning investor confidence in an interest rate cut.

Speaking of Interest rates, Jerome Powell will be speaking today at the Jackson Hole Economic Symposium.

These speeches almost always move the markets, so look for nice movements and reversals, WITH the trend.

USD opportunities include AUDUSD, where price action is sitting solidly at support.

The stochastic oscillator is very overbought, so let’s watch the news and keep an eye on our technicals.

If we see USD weakness today, USDJPY could be an option, with the stochastic oscillator very overbought.

We see the same technical indication on USDCHF, which has been in a range-trading mood all month.

Also, we have central bank speeches from the BoE and the BoJ, so watch for price action gaps at the open Monday morning.

GBP has been strong lately, and inflation is still above target, so we could see the pound getting even stronger.

We see a pullback in the bear run on GBPAUD into the lower trendline, and we will keep an eye on the technicals to confirm if the uptrend will continue.

We were looking at a symmetrical pennant on Silver last time, and it is still intact.

Therefore, a range trading opportunity may exist as price action has just bounced off the upper trend line and the stochastic oscillator is very overbought.

Author

Brad Alexander

FX Large Limited

Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.