In today’s live trading session, we briefly went over the US Dollar Index, and then we found swing trades for AUDJPY and USDCHF.
This morning we noticed that the US Dollar Index was desperately trying to rally off support at 92.55. On the smaller timeframes, we could see that this rally was quickly dissipating with the creation of shooting stars. However, the daily candle still looks bullish. Due to this mixed bias, we will wait for the daily candle to close before making any moves.
For the rest of the session, we focused on two potentially great swing trades. The first one is a swing long for AUDJPY. This trade is based on the reaction we got off our daily support zone at 74.200. If the price can clear today’s high, we will be ready to enter. The other is a swing long for USDCHF. We will wait for the DXY to determine it’s direction before we enter this trade. This trade is also based on a bullish reaction off support.
In the next twelve hours, we will have a slew of European economic data being released. The releases will start at 3:00 AM EST and will end at 10:00 AM EST. As traders, we should be careful about entering any unnecessary trades before the release. As always, be safe and trade responsibly!