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NFP upend markets – Forex trading on Silver in falling wedge [Video]

If you caught our last 2 videos we were looking at long on USDCAD and a short on AUDCAD.

Well ,look what happened, again!

Price action on USDCAD might be finishing its bull run as it has formed an ascending triangle.

We will need to see a break above or a break below before determining the next run.

AUDCAD fell just after we posted the video.

We see this level of support from August but room to move to the downside with key support from the spring of last year.

Silver seems to be continuing its bear run which started in October and we will watch for signs of a reversal.

The stochastic oscillator has turned over from overbought but we also see price action in a falling wedge which may affect our longer-term view.

Last Friday the US Non-Farm payrolls report deviated dramatically from the analysts’ predictions so many of our setups were turned upside down.

For example, the US indices broke out of their range to the downside but we will be watching for a technical reversal.

Also on Friday, the US imposed more sanctions on Russian oil, driving WTI higher.

We are now seeing a key level at $78 with no real sign of a reversal yet.

For the rest of the week, we have some market-moving economic news from the US, the UK and Australia so watch for volatility and opportunities.

For example, we are in a clear uptrend on EURAUD but we will wait for bounces off the lower trend line and technical signals like an oversold stochastic oscillator.

Author

Brad Alexander

Brad Alexander

FX Large Limited

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

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