Welcome to another live trading session. in today’s session, we went over the current status of our trades as well as potential trade setups that we could take later in the day.
During yesterday’s session, we went over a potential setup for EURAUD. Later in the day, we got a bearish candle closure below our daily support which indicated a move down. The trade is currently up +50 pips, with further downside expected. We also had a trade-in NZDCAD that was expected to go lower but was stopped out as the RBNZ decided to keep their rates unchanged. In today’s session, we noticed that the pair had reverted back near to our entry. Our USDCAD swing trade from earlier is currently up +60 pips in profit and counting.
In today’s session, we spotted a potential short continuation trade for EURNZD. Over the last few days, the pair has dropped over +270 pips. We are currently resting on some hourly support, as expected, a break and closure below this level verify a move lower. We then saw a potential to long AUDUSD as the pair is coming off monthly support and is currently attempting to break outside of a significant downtrend. Due to fundamentals weighing on the Australian Dollar, we need to be cautious before entering long.
This week has been a bit slow, but sometimes that is the nature of the game. We have had a lot of bank press conferences and monetary statements this week. The markets are still waiting for CPI and Retail Sales data for the US Dollar as well. Fortunately, we are in profit and at the end of the day, that is all that matters. We hope the increase in volume during the midweek could fast track some of our trades for us. We will regroup during tomorrow’s live session to discuss the US CPI data. As always, be safe and trade responsibly!
Check Out Yesterday’s Blog Post: February 11th, 2020