In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we take a close look at USDJPY and NZDUSD after yesterday’s countertrend moves against the dollar.
The reason for this significant move was due to lower than expected ISM manufacturing data out of the US. Manufacturing is a very important sector to the US and one which is clearly feeling some reaction to recent global trade war negotiations between the US and China. Similar concerns in China as phase one of these trade talks are in the pipeline. So, when we look at the charts, we are looking for a high probability trade to the downside in USDJPY (after briefly making a new recent high) below yesterday’s low of 108.92.
The other market which is giving us a better opportunity is the NZDUSD. Yesterday, we broke out of an ascending triangle with considerable volatility after many days of consolidation. As a result, we are looking for this market to break above yesterday’s high of 0.6510.
USDJPY and NZDUSD in a Countertrend Move – Full Video Analysis
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