In today’s live trading session, we went over possible trade setups for NZDCAD and AUDJPY. We then discussed the fakeouts that are occurring in the major currency pairs.
This morning the DXY surged 0.50% to the upside without any clear indication or reason for the move. This deliberate move may have been manipulation done in order to trap traders into USD longs. In today’s session, we noticed many of the majors presented price action that can fool beginners into taking early shorts. As disciplined traders, we will wait for today’s daily closure before entering the majors.
While we wait for the majors, we have found some promising setups for the minor currency pairs. The first trade is a potential swing long for NZDCAD. We are looking to enter this trade if price action can clear last week’s high. The other trade is an intraday short for AUDJPY. This trade will take advantage of the recent Aussie weakness as well as the bearish unemployment data that is set to be released tomorrow.
Since yesterday was Thanksgiving, today is technically the ‘first’ day of trading. We have already seen pairs move a considerable amount and we will be cautious of any potential fakeouts. Let’s have a great trading week. As always, be safe and trade responsibly!