WTI (USOil) Extending Gains. Trading Short NZDCAD. JPY Fills the Gaps.
Hey Valutraders! Will WTI reach $90?
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I’m Brad Alexander and in today’s Market Blast, let’s look at the NASDAQ, the S&P500, USDJPY, GBPCAD, NZDCAD, and WTI (USOil).
Despite the incredibly high inventory report from Wednesday, the price of Crude oil is still climbing and we wonder if $90 is in range.
The stochastic oscillator tried to give us a downturn but it seems to be changing its mind.
MACD is still looking quite bullish and shows no sign of a downturn.
Keep an eye on the news about OPEC production though.
As we mentioned last time, the CAD is getting stronger based on the strength of WTI.
GBPCAD has fallen to this level of support at $1.69 so we need to see a break below or a bounce above to get confirmation of a continuing downtrend.
On NZDCAD we may be looking at a continued downtrend if the stochastic oscillator turns down.
Last time we talked about the JPY pairs opening with a gap and it seems that they all filled the gap, especially CADJPY and AUDJPY.
Even on USDJPY it just filled the gap as you can see the high on this candle reached higher than the low on the last candle before the gap.
So if you entered the trade on the reversal of the stochastic oscillator and closed on either the other side of the stochastic oscillator or at the closure of the gap, you made a good trade.
Keep an eye on the economic news though as the Bank of Japan may be getting tired of the weak Yen and there are rumours of higher interest rates.
Last time we talked about “Buying the Dip” on the US Indices and it worked if you entered the trade on the reversal of the stochastic oscillator.
On both the NASDAQ and the S&P 500 the stochastic oscillator is overbought so we might want to wait for a new opportunity if price action falls to the lower trend line.
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