Welcome traders, to another live forex trading webinar. It’s the last trading week of 2019! In today’s live session, we did a market overview of the trade setups we discussed on Friday’s live trading session, then we ended off the stream talking about the 2019 Holiday trading schedule.
Last Friday, we pressed the reset button on our charts to re-analyze them with fresh eyes. We looked at long term outlook of the markets and were able to get a clear picture for what may come in 2020. We determined short and long term targets for EURUSD, GBPUSD and XAUUSD. We discussed why we have a bearish bias on EURUSD and XAUUSD and, we confirmed that both pairs are priming for entry. As per usual, all trade updates will be sent on Telegram.
Watch the full live session below:
After the announcement of the UK Elections, GBPUSD climbed over +240 over the course of a few hours. Since then, the currency pair has closed back below a critical resistance level of 1.33600. We have a long term bullish bias on the pair, however, a short term short trade setup is in play. A daily candle closure below the previous swing low of 1.33000 could send this currency pair back down to the 1.31500 area. We are currently awaiting for that candle closure, before we enter a trade and we can expect to be out of the trade by end of week.
To conclude the session, we discussed the 2019 Holiday Trading Schedule and Hours. Although, this varies with different brokers, trading is generally closed between December 23rd to January 2nd. Some brokers may be open on days other than Christmas or New Years, but the volatility will be unbearably low. We have seen some currency pairs decreased as high as 60% in volume. With that being said, this week will probably be the last trading week of 2019. We will look to capture some last minutes pips before we wave farewell to 2019. As always, be safe traders and trade responsibly!
Check Out our last Live Session Recap on the UK Election and Trade War Developments (December 12th, 2019)