In our Daily Trade Watch, we look at some high probability trade setups that we can trade throughout the day. Furthermore, we will be focusing on opportunities for Trading USD.
The early part of the European Open started really strongly for the Dollar Index. As usual, we identified a breakout above yesterday’s high as a trigger to buy the Index. So, the 94.19 level represents the important level for this market to break. If we see a confirmed break above this price we can expect prices to make another attempt to break the $95.
As a result of this potential dollar strength today, we are looking at other major dollar pairs like the EURUSD but, again, only below yesterday’s low of 1.1689. Like the Dollar Index, we would then expect the EURUSD to extend further to the downside and potentially down to the 1.1500 level.
Other Markets to Consider
The other markets with similar opportunities as discussed in the webinar below include a breakout above yesterdays high of 1.3145 in the USDCAD. This might see prices push up to the 1.3200 level initially. Also, the NZDUSD has recently bounced off its recent lows around the 0.6700 level. It then pulled back to clearly defined resistance around the 0.6850 level. Yesterday represented our first opportunity for the NZDUSD to push lower. However, a continued break below yesterday’s low of 0.6804 is the next opportunity to take advantage of, and push, these prices lower.
The final market to at least keep a close eye on for now is Gold. This market saw a breakout below yesterday’s low. We do expect the price of Gold to continue lower eventually. With this in mind, it’s important to apply a little bit of patience. Try not to get caught up in the recent chop around the 1250 level.
Opportunities for Trading USD – Full Analysis
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