REMINDER
As the FED prepares to announce its rate cut decision, expect high volatility. Trade cautiously, risk only what you can afford to lose, and consider waiting for the decision before taking positions. Data-driven forex trading helps manage risks effectively.
MARKET OVERVIEW
The FED’s decision to hold rates shows its independence from political influence. This impacts the Dollar, gold, and other currencies, creating opportunities for cross-currency trading strategies.
GOLD
Gold prices are consolidating with bullish structures intact. The MACD shows low volume, while RSI fluctuates, signaling potential movement. Long-term forex plans should factor in gold’s bullish outlook amid inflationary trends.
SILVER
Silver rose despite a stronger Dollar, supported by bullish momentum in the MACD and RSI. Scalping bots for forex can capitalize on short-term price moves, especially during market consolidations.
DXY
The Dollar faces volatility, with the MACD showing selling momentum and RSI nearing oversold. Potential support levels may provide cross-currency trading opportunities.
GBPUSD
The Pound remains consolidated below key resistance. Traders should monitor breakouts using tools from best brokers for MetaTrader.
AUDUSD
The Aussie shows strong selling momentum, resisted by the EMA200. MACD and RSI confirm bearish trends. Data-driven forex trading helps identify optimal entry points amid such downtrends.
NZDUSD
The Kiwi turned bearish after breaking below support. Weak buying volume in MACD and overbought RSI indicate further downside potential. Scalping bots for forex can optimize trades during these conditions.
EURUSD
The Euro rebounded above the prior low but lacks strong conviction. Bearish continuation below the EMA200 is likely. Cross-currency trading strategies should consider potential reversals here.
USDJPY
The Yen strengthens as the Dollar weakens. MACD and RSI show increased bearish momentum. Tools from best brokers for MetaTrader can help track USDJPY trends effectively.
USDCHF
The Franc consolidates below 0.90743. RSI suggests seller exhaustion, hinting at a potential bullish shift. Long-term forex plans should monitor for trend reversals.
USDCAD
CAD holds at 1.44671 with bullish potential. MACD lacks conviction, but RSI signals increasing buying momentum. Data-driven forex trading helps manage CAD-related risks effectively.
COT REPORT ANALYSIS
- AUD – WEAK (4/5)
- GBP – WEAK (5/5)
- CAD – WEAK (4/5)
- EUR – WEAK (5/5)
- JPY – WEAK (3/5)
- CHF – WEAK (5/5)
- USD – STRONG (4/5)
- NZD – WEAK (4/5)
- GOLD – STRONG (5/5)
- SILVER – STRONG (5/5)
Leveraging best brokers for MetaTrader ensures access to advanced tools for data-driven forex trading. Traders should adapt cross-currency trading strategies based on FED decisions and evolving market conditions.