Trading long on gold XAU/USD and GBP/USD trading short on USD/CAD [Video]

Brad Alexander FX Large Limited

Yesterday we promised to take a look at USDCAD and with the increasing Crude prices and a weaker USD we see more room to the downside.

Price action is trying to break this symmetrical pennant and the Stochastic Oscillator is displaying lower highs which is a bearish signal, but watch out for support just above $1.20.

We have to zoom out to the weekly chart to see support from almost 4 years ago.

The inverse situation can be seen on GBPUSD where Pound strength and dollar weakness gave us resistance 3 1/2 years ago.

Today we see GBPUSD trying to break resistance from this ascending triangle.

We mentioned increasing Crude Oil prices based on increased demand and we see on the WTI Daily Chart, price is back where it was exactly 2 months ago.

We will look for a break of resistance here but be aware that we might get a pullback first and, if you caught our video yesterday, OPEC + is meeting today so be careful.

Gold has kept climbing after it broke this double bottom many weeks ago.

We have a couple of key levels above including these 2 highs at $1950.

Author

Brad Alexander

FX Large Limited

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

AUD/USD bounces back toward 0.6950 on fresh USD supply

AUD/USD bounces back toward 0.6950 in the Asian session on Friday. The US Dollar retreats from 17-month highs as traders take profits off the table ahead of the all-important US Nonfarm Payrolls report. Meanwhile, the Australian Dollar draws support from reviving expectations of a November interest rate hike amid elevated global yields and inflation risks.

USD/JPY struggles near 158.00 as USD retreats ahead of NFP

USD/JPY is struggling for fresh impetus near 158.00, moving away from the top end of its weekly range in the Asian session on Friday, after hotter-than-expected Tokyo CPI and amid a broad US Dollar retreat. Traders reposition themselves ahead of US Nonfarm Payrolls.

Gold fades the earlier optimism; back below $4,200

Gold could not sustain the post-NFP bull run past the $4,200 mark per troy ounce, receding toward the $4,180 region at the end of the week. The precious metal’s inconclusive price action comes amid fresh selling pressure hurting the US Dollar as investors assess the latest NFP data.

Crypto Today: Bitcoin, Ethereum and XRP gains reinforce bullish outlook

Cryptocurrency prices are broadly recovering on Friday, led by Bitcoin moving above $86,000. Ethereum has reaffirmed its bullish outlook, rising above $2,700 while the immediate area at $2,800 caps upside. Meanwhile, Ripple hovers near $1.54.

Week ahead – Fed minutes in the spotlight amid bond market rout

Energy crisis and soaring bond yields to stay in driver’s seat in quiet week. Fed minutes eyed after drop in October rate hike bets. ISM services PMI and Treasury auctions to be watched too. Canadian employment, Japanese wages and ECB minutes also on tap.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082. The decline reflects a powerful combination of US Dollar strength, geopolitical uncertainty and renewed concerns about Europe's exposure to higher energy prices.