In our Daily Trade Watch, we look at some high probability trade setups that we can trade throughout the day. Today, we observe AUD and NZD giving direction with most other markets remaining relatively quiet. We are focusing on these two markets as they are giving us a coherent directional move. Generally speaking, trading conditions yesterday were particularly choppy. The markets can get like this sometimes and as a result, it is important for us to stay calm and not be too aggressive with these markets at the moment.
AUDUSD
If we start with the AUSUSD, we can see the momentum has built since Tuesday’s low and we are now above the weekly high of 0.7235. Therefore, if we see a break above yesterday’s high of 0.7275 then we would expect continuation to the upside.
NZDUSD
It is very much a similar picture for the NZDUSD having broken above the weekly and daily highs. We can expect, from a high probability perspective, to see continuation above 0.6620.
Elsewhere, we really want to see more price action before we can make really solid decisions.
AUD and NZD Giving Direction – Full Analysis
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