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Bạn đang xem: Do we buy the dip? Forex trading short EUR/USD to parity? Falling wedge on Silver [Video]

We had been watching the rise and fall of the Santa Claus Rally and we are wondering if it is time to buy the dip now.

If we look at the NASDAQ daily chart we see price action falling for 5 days and a risk-on mood today.

Also, the stochastic oscillator is showing bearish momentum slowing and looking at a reversal.

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We can also see this bullish trend channel with price action somewhere near the lower trend line.

We can also see that the 23.6% Fibonacci level is key as both support and resistance so watch for a break or a bounce.

We see an almost identical story on the S&P500 and the Dow Jones Industrial Average except we are looking at the 38.25 Fibonacci level.

On the Dow Jones we are having trouble determining the value of trend lines and channels so watch the key levels and potential patterns.

We won’t have any major news until next week and we will review this on Monday.

Analysts are getting ready for EURUSD parity again and they may be right.

We see price action falling since this double top in September and price now is in the $1.02 area.

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We have to move out to the weekly chart to see parity in 2023.

To enter a short position, it might be advisable to wait for a pullback or set a very wide stop loss.

Looking at the daily chart on Silver, we see a falling edge which can be a bullish pattern.

If we look at the 4-hour chart we see a range trading Sell opportunity with resistance and the overbought stochastic oscillator.

With the USD so strong right now, a short trade might be prudent.

Yesterday’s WTI inventory numbers were much lower than predicted so price action is still rising.

We are now at the upper trend line and the stochastic oscillator is overbought and thinking about crossing.

We might be looking at a short trade.