In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we see clear dollar strength after the G20.
With many potential trades on the table for us to choose from, the decision now becomes more about which markets give us better higher quality moves.
Firstly, we have identified the USDCAD. The CAD has been strong recently but we have bounced off a strong level of support around the 1.3050 level. Therefore, we are interested in buying the bounce of this support, however, we do need the price to break above yesterday’s high of 1.3150.
The other market is the AUSUSD. Having seen a significant bearish engulfing candlestick over the course of yesterday’s trading, this market gives us more confidence to see a continuation to the downside despite the RBA negative rate decision in a few hours time. If the RBA does reduce interest rates another 25 basis points down to 1%, this would be supportive of our sell trade in the AUSUSD below 0.6955.
Clear Dollar Strength After G20 – Full Video Analysis
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