In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we will be looking USD strength and even more Oil weakness. In particular, we discuss the continued hawkish approach towards interest rates which is proving a source of strength for the Dollar.
USD
As a result of the interest rates, we are looking for the Dollar to strengthen against the Euro, Pound and the Aussie Dollar. There are others, of course, but these three markets give us marginally the better price action.
When looking at the EURUSD, we are looking for this market to continue lower below yesterday’s low of 1.1350. That same level for the GBPUSD is, again, yesterday’s low of 1.3039 and, finally, that same level is the 0.7246. All of these markets are worth keeping an eye on.
Oil
The last market to focus on for the day is the US OIl Market. This is the market which just keeps on pushing lower. So, over the course of the day, if we break below yesterday’s low of 60.38, we would expect this market to continue lower.
USD Strength and Even More Oil Weakness – Full Video Analysis
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