In today’s live trading session, we went over trade ideas for AUDUSD and CADJPY.
As the US Dollar Index (DXY) continues to range between 90.75 and 91.00, many of the majors have also begun to range. One major has separated itself from the rest, and that’s AUDUSD. This pair has surged to the upside substantially as it has cleared this week’s high. We are looking to enter once today’s daily closure is observed.
In addition to AUDUSD, CADJPY is also a pair that is looking to rally higher. We believe this CADJPY trade is very promising as it has cleared the high made back in June. Once we get a four-hour, eight-hour, or daily closure above this high, we will be looking to enter. This trade idea has a 2.42 risk to reward ratio and we will be targeting the high of 2020.
As traders, it can be quite annoying when the DXY is ranging, which leads to many pairs not moving as much. But, as seasoned and experienced traders, we should not feel pressured to always in a trade. It’s also best to be adaptive in the markets and not reactive. As always, be safe and trade responsibly!