In today’s live trading session, we went over swing trades for EURUSD, AUDUSD, and GBPUSD that we have for next week.
EURUSD has already been entered and has achieved our first target. We went as high as +59 pips, since then the price has come back to take profit 1. We expect a retracement for this pair as the DXY has created a double bottom on the 4hr time frame. We expect the retracement to end at 1.21000, and then once we see signs of buyers, we will reenter the trade.
Despite the double bottom on the DXY, we are still bearish in the short-term and long-term for the DXY. As a result, we expect pairs like AUDUSD and GBPUSD to also rally to the upside. AUDUSD is technically ready to enter now, but we will wait for Monday to do so. GBPUSD needs that last little push before we can enter and take this pair to the 2018 high.
As traders, we will have to go through the inevitable reduction of volume in the markets as the holiday’s approach. We should see a decent amount of volume for the next two weeks before things become dire. We hope you all have a great weekend.