In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day ahead. Today, we explore the following question: Is the Dollar stronger than GBP and AUD?
GBPUSD
Starting with the GBPUSD, off the back of FOMC’s rate increase and statement, we saw the USD strengthen considerably even though it sold off briefly beforehand. So, last Wednesday evening as well as Thursday and Friday of last week, we saw the GBPUSD finally provide us with some momentum filled direction, which was to the downside. This is what we are still looking to trade if we get the opportunity.
In yesterday’s price action, we can effectively see a long legged doji candlestick. This means that the price is still on to the downside, however, below last weeks low of 1.3000. This is the level to watch.
AUDUSD
The other market we are suggesting to focus on for the day is the AUDUSD. Similarly to the GBPUSD, we saw a strong rejection to the upside with the full momentum of the market still bearing to the downside. Strong potential to the downside still exists, however, the level this time is actually below last weeks low of 0.7200 with a nice move lower expected.
Dollar Stronger Than GBP and AUD? – Full Video Analysis
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