In today’s live trading session, we took a look at the setups we devised for the major currency pairs last Friday. A quick look shows that many of the majors have retraced quite a bit, but have provided opportunities to enter short.
Last Friday, we discussed the chance of shorting the majors this week. During the New York session, many of the majors have gained back some of its losses to the US Dollar. Despite this, the downtrend still remains intact for EURUSD, AUDUSD, NZDUSD, and GBPUSD. We are waiting for the previous four hour low that was created last week, to be cleared to enter.
Apart from the majors, the minor currency pairs appear to have some interesting setups as well. GBPAUD has created a bearish flag pattern that is almost ready to enter. To take advantage of this pattern, we will wait for price to break out of the flag (ascending channel) before entering. GBPJPY also appears to be setting up for a selloff. This selloff will commence once daily support is cleared and we are eyeing the lows made during the peak of Covid-19 as a target.
This morning’s analysis has determined several trade setups for the week. We do have at least one major fundamental news release each day of this week, which is something to look out for. Wednesday and Thursday seem to be the most important days as the United Staes and the European Union release a slew of economic data. Volatility is a trader’s favorite word, sometimes. Let’s have a great week traders! As always, be safe and trade responsibly.
Directory:
- Sign up for a Free Membership.
- Login to watch full recorded webinars in our Forex Trading Room.
- Chat with our traders in the Community Discord Server.
- Read yesterday’s breakdown: Weekly Profit Recap (+330 Pips) + Next Weeks Market Insight
- Get the VIP Membership with code FIRST50 at checkout for 50% Off your 1st month
- 14 Day Risk-Free Trial.
