Nasdaq lower in ascending triangle – Forex trading short Silver [Video]

Brad Alexander FX Large Limited

For the last 3 weeks, silver has been following Gold higher.

Are we seeing a reversal?

Silver may be starting a bear run as we see a downward price channel with price action approaching the upper trend line.

The stochastic oscillator is showing some bearish confluence as well.

If we add MACD, we can see even more bearish indication.

If we move out to the one-hour chart, we have the same sentiment but are we seeing a falling wedge?

Last time, we saw a bullish pattern on WTI Crude Oil.

However, the Israeli government has stated that it will not attack Iran’s oil infrastructure causing Oil to open with a gap to the downside.

So? Will price fill the gap with the stochastic oscillator heading into oversold?

Speaking of gaps, every JPY pair opened with gaps after Japan’s elections and political turmoil over the weekend.

Will price action fill this gap with the stochastic oscillator very overbought?

All the US indices except one are lower with the NASDAQ at resistance in this ascending triangle.

The stochastic oscillator is stubbornly staying overbought and MACD is just heading back into bullish territory.

Whatever you are trading this week, we have a full economic calendar so join us on Thursday for a review of USD and Friday’s Non-Farm Payrolls.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.

Author

Brad Alexander

FX Large Limited

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

EUR/USD loses traction, breaks below 1.1900

EUR/USD comes under extra downside pressure, breaching below the 1.1900 support once again on Tuesday. The improved tone in the US Dollar keeps the pair on the back foot after two consecutive daily advances. In the meantime, prudence is expected to kick in ahead of the release of the key US Nonfarm Payrolls on Wednesday.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.