In today’s live trading session, we went over swing trades for EURUSD, AUDUSD, and NZDUSD.
Last Friday, we discussed the double bottom that was created by the US Dollar Index (DXY). We predicted a small rally to 91.000, at which point price would reject that level and head lower. Over the weekend and going into today, price did exactly that. Now our target for the DXY is 90.50, which was the low we made last week.
Based on our short-term and long-term views about the Dollar, we are looking to long the Forex majors. We have found swing long setups for EURUSD, AUDUSD, and NZDUSD. We entered long for EURUSD last week and were able to hit our first target before price came back to entry. AUDUSD is ready to enter now, but we will be disciplined, and wait for today’s daily closure. We are waiting for NZDUSD to clear last week’s high before we enter long.
In addition to all these setups, we also have trade ideas for Gold and ETHUSD. We believe our Gold trade setup will take some time to develop, but ETHUSD seems moments away from an entry long. As always, be safe and trade responsibly!
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- Read yesterday’s breakdown: EURUSD, AUDUSD and GBPUSD Swing Trades for Next Week
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