Brad Alexander
FX Large Limited
We have been showing you some successful gap trading opportunities and USD has opened weaker today with a gap.
We told you a few weeks ago that a Democrat win in the US general election tomorrow will mean a weaker USD.
That is what we are seeing here with polls leaning toward Democrats now.
You will find this on all USD pairs but be careful.
At least wait for the stochastic oscillator to rise to overbought and turn over.
If not, the election will drive USD and the indices.
Speaking of economic news, we have lots in the calendar this week with Interest Rate decisions from Australia, the UK and the US where we expect a fall in rates from both central banks.
We have Employment news from New Zealand, the United States, and Canada.
A while ago we spotted this Cup and Handle pattern on WTI but it was broken by this gap after Middle East news.
The gap was filled and we see another Cup and Handle pattern.
This is usually a bullish pattern so keep an eye on your technicals and watch to see if price action breaks these levels of resistance.
We see a pullback from the slide in US Indices since Hallowe’en.
Technically, let’s keep an eye on MACD as if we see the signal line passing out of the histogram, this may indicate a reversal to the upside.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
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EUR/USD falls to fresh weekly lows as Trump fuel fears
EUR/USD came under selling pressure and fell towards fresh lows in the 1.1470 price zone. The US Dollar gained bullish traction following US President Donald Trump's comments on the Middle East crisis, as he hinted at no more talks but rather US action against Iran.
GBP/USD plummets, nears 1.3400 as sentiment sours
GBP/USD nears the 1.3400 level ahead of Tuesday's close, its lowest in three weeks. The risk-averse market atmosphere amid Middle East tensions fueled by US President Trump's comments helps the USD stay resilient against its peers ahead of the Fed's and BoE's decisions.
Gold fluctuates below $3,400 as traders turn reluctant ahead of Fed
Gold continues to fluctuate in a relatively tight range below $3,400 in the American session. Traders remain reluctant to take large positions ahead of the Federal Reserve's policy decisions, while keeping a close eye on headlines surrounding the Iran-Israel conflict.
Bitcoin falls slightly as Trump calls security advisors to deal with Iran-Israel war
Bitcoin price declines slightly to around $106,000 on Tuesday following a mild recovery the previous day. Donald Trump leaves the G7 summit early to return to Washington and meet with his national security team.
Chinese data suggests economy on track to hit 2025 growth target
China's May data was mixed with strong retail sales, but soft readings on fixed-asset investment and property price. Overall, though, data suggests that China remains on track to achieve its growth target in the first half of 2025.
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