In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we ask ourselves, is Dollar strength back for more?
If we look at these markets purely from a technical perspective, we can see that USD has clearly softened recently. It has now given us some really strong signals to suggest that some dollar strength moves will occur over the next couple of days. It must be noted that any dollar trades would have to be concluded before the Non-Farm Payroll on Friday.
We like quite a few dollar pairs today such as EURUSD below 1.1219, however, just be mindful about the ECB news event tomorrow. We also like GBPUSD below 1.2680, USDCAD above 1.3428 and AUDUSD below 0.6960.
Of course, always control your exposure in these markets and do not give them the benefit of the doubt.
Is Dollar Strength Back for More? – Full Video Analysis
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