Welcome to another live forex trading webinar. Today, we went over trade setups for EURUSD, GBPUSD, USDCHF, and XAUUSD. We then discussed the possible repercussions of the US and Iran war for the Forex market.
In today’s session, we did a live analysis and entry for a short on EURUSD. We had a short bias for the pair since the end of 2019. Due to better than expected US manufacturing data, our entry criteria was confirmed and we were able to enter the trade. We also had similar biases for GBPUSD and XAUUSD. However, both pairs are showing mixed price action so we have elected to wait for further confirmation.
We then decided to take a look at some minor pairs to trade. Using our price action trading strategy, we were able to find a potential long setup on USDCHF. The pair is currently resting on monthly support at 0.97000. We are waiting for a bullish closure above the previous high at 0.97400. Since EURUSD and USDCHF are inversely correlated, we could have the possibility of a 2 for 1 scenario.
As Iran’s three days of mourning ended this past Sunday, much of the world and the markets are bracing for Iran’s response. After the strike done by the US, we saw Crude Oil spike to $70 per barrel. We also saw Gold push to make new highs for the year. With this expected volatility looming, we advise all of our traders to limit their risk exposure as much as possible. We are currently in one trade that is in profit, we will let this trade play out until Friday’s Non-Farm Payroll release. I will see you all tomorrow for another live trading session. As always, be safe and trade responsibly!
Check Out Yesterday’s Blog Post: January 7th, 2020