Brad Alexander
FX Large Limited
After the Republican win in the US elections last week, we saw USD strength.
That was followed by weakness after the lowering of Interest Rates.
What next?
Well, after the lowering of Interest Rates, USD continued stronger.
We can see price action on the EURUSD chart as EUR is the weakest currency.
Price action reversed after the Interest rate decision with this hanging man candlestick pattern and a turn of the stochastic oscillator from overbought.
We have to move to the weekly chart to see that we are at a level of support from April and an oversold stochastic oscillator.
We had even more dramatic movements with AUDUSD but we are close to recent support.
The weekly chart on AUDUSD tells a bearish story as well with price action at the lower trend line and at least one technical signal.
We see a similar story on GBPUSD and I encourage you to check all the USD pairs.
Gold as well, had similar price action.
While we are looking at weekly charts, WTI is close to the magical level of support of $66.
Apparently, this bearish move was caused by a selloff based on negative sentiment of Donald Trump’s foreign policies.
That’s all for now.
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