In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we will go over a few interesting technical trade setups.
Following yesterday’s profitable trade in the pound, we still like the GBPUSD above yesterday’s high of 1.3119, having seen the breakout above consolidation for 7 weeks. If you look at the GBPJPY, we would expect continuation above 142.77, again, having experienced strong consolidation for weeks.
Elsewhere, we have identified a strong technical set up in the EURUSD if the euro weakens or the dollar strengthens. On the daily time frame, prices bounced off a descending upper trend line at around the 1.1110 level, before reversing. As a result, we have a high probability trade setup below yesterday’s low of 1.1064.
Finally, we also expect the USOIL market to continue higher above 58.67 which now represents another structural failure to the upside. Just be mindful that we have OPEC and JMMC meetings over the next two days.
A Few Interesting Technical Trade Setups – Full Video Analysis
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