In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we observe a technical dollar hedge trade setting up. The two markets we will be looking at closely are the AUSUSD and the Gold market.
Starting with the AUSUSD, we have RBA minutes due out in the early hours of this morning so do be mindful of this. However, if you look at the daily charts from a technical perspective, we have seen a recent push to the downside from 0.6930 down to 0.6760. Last Thursday, we then saw some profit-taking before yesterday’s indecision. It is this that we are now looking to capitalise on. As a result, below 0.6800 we would be looking for continuation to the downside.
The AUSUSD is dollar positive, however, we also have a trade which is dollar negative. That is a buy trade in Gold, thus, making this trade idea a bit of a hedge trade. If prices push above 1474.87, we would be looking for buying opportunities in Gold.
Technical Dollar Hedge Trade Setting Up – Full Video Analysis
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