Are There Bears Lurking Out There? Exploring Market Conditions

Hi traders!

There appear to be some signs of a stronger USD creeping in- this is particularly significant when it happens across all of the different asset classes at the same time.

This week’s weekly candle is looking more and more bearish as we approach Friday.

Charts that looks especially appealing to me as a trader may have opportunities around key levels if price action behaves in a traditional fashion.

The U.S. Dow30 daily chart is testing major support with lower highs- could this be about to break and head lower?

Silver is in a relatively healthy downtrend, and may be retracing back up to recent support- could it be about to find resistance before heading lower?

The AUDUSD is in a similar predicament- could a retracement back up to recent support levels find the pair unable to go higher, and therefore continuing its recent downtrend?

GBPUSD also features similar behaviour against the USD. The coming weeks will reveal which way the markets have decided to lean.

Traders, whether they are day or swing traders, could find opportunities according to their own strategies if these trends decide to kick off.

Happy Trading!

Adam Harris

FXGlobe Ambassador Adam Harris is based in London, UK. He’s been trading professionally since 2013 and his specialties are technical and trend-based trading.

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Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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