Check out this week's Forex Forecast: Trading Risk
which saw the precious metal reach its lowest price since the coronavirus panic of April 2020. The candlestick does have a meaningful lower wick, so bears need to be at least a little cautious here., because historically it does not trend downwards in a smooth and predictable way. However,, and we see stocks and other commodities all moving down as risk-off sentiment sends strong money flows into the US Dollar.
but there may be continuing opportunities here on the short side if we continue to see strong bearish momentum as markets open on Monday.Last week saw the GBP/USD currency pair print a bearish outside bar which saw the currency pair reach its lowest price since 1985, a 37-year record low. I would not take any short trades until the price is below the low of last week at $1.1350, as it would then be trading in “blue sky” which has not been reached for decadesthe NZD/USD currency pair
Last week saw the US Dollar strengthen notably against the British Pound and the three commodity currencies, the latter including the NZD, and the NZD fell more firmly than did the Australian or Canadian Dollars. Therefore, I think that trading this currency pair short is probably a terrific way to exploit the current risk-off sentiment which is prevalent in the market.
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