Trading USD/CAD on the Nonfarm Payrolls, trading WTI on OPEC+ meeting
Last week we were looking at a possible short IF we had a counter-trend price Action move based on the Reserve Bank of New Zealand’s Interest Rate decision.
Last week we were looking at a possible short IF we had a counter-trend price Action move based on the Reserve Bank of New Zealand’s Interest Rate decision.
Well, that’s exactly what we got and price rose based on the Central Bank’s idea of moving an Interest rate rise forward.
Price hit resistance and rebounded, and we are still short NZDCAD.
At the end of this video we have posted a link to our video on Trading Economic News.
We are still seeing AUD weakness against all other currencies and we may have an opportunity, just like we had last week with NZD, as the Reserve Bank of Australia will be announcing its Interest Rate decision tomorrow.
Also, watch Wednesday for quarterly GDP and watch Thursday for Retail Sales.
We will have plenty of opportunities to trade US News this week including Friday’s Non-Farm Payrolls.
The USD is still weak overall but we see some consolidation and we will look at pairs like USDCAD and GBPUSD tomorrow.
Last week we looked at Gold going back above $1900 and here we are.
Analysts feel that US Bond Yields will keep the price of Gold high and, remember, Central Banks are still buying Gold.
And, finally, OPEC+ will be meeting this week so let’s see if WTI and Brent Crude break resistance or will they fall back.
Author
Brad Alexander
FX Large Limited
Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.
