In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we are sticking with some themes that we have been tracking for a while now. Therefore, we will look at more USD strength and Oil weakness.
EUR, GBP and JPY
Firstly, we can start with the strengthening of the US Dollar markets. The US economy is performing very well even under this rate increasing environment and also with the trade war tensions with China. As a result, we want to compare strength versus weakness with EUR, GBP and JPY as potential strong targets. We will be looking closely at the EURUSD below last week’s low of 1.1333. However, please note that we do have major support at the 1.1300 level. But if this breaks, expect a real strong move lower unless something significant changes.
The next Dollar market to look at is the GBPUSD. The Pound has taken a beating recently against the dollar and a confirmed break below 1.2663 would constitute a strong break further to the downside.
The other dollar market to consider is the USDJPY. With the BOJ policy statement and rate decision tomorrow, if the USDJPY strengthens as a result of this news event, we can look at it a signal for the USDJPY to push higher. As a result, we can certainly look for price to continue above the 113.20 level. Perhaps up to the next structural high around 114.53.
The other market we will be looking closely at is the Brent Oil Market. If this market moves with momentum to the downside below 75.25 then expect significant volatility to the downside.
More USD Strength and Oil Weakness – Full Video Analysis
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