In today’s live trading session, we went over the incoming consolidation for the US Dollar. We then found two trade ideas for NZDCHF and EURNZD.
We expect the US Dollar to consolidate from today until Thursday afternoon. For one, we have zero high impact USD news for the rest of today. A second reason why we believe this is the case is that tomorrow is a bank holiday in Europe, Canada, and the United States. Lastly, Gerome Powell is expected to speak Thursday afternoon about the current monetary policy. For all of these reasons, we believe it will be a quiet midweek for the majors.
We then shifted our focus to the minor currency pairs. One promising setup is a short for NZDCHF. This pair is currently trapped in a daily range and it’s moments away from reach the top of the range. If we see signs of rejection, we will be looking to enter short. We then discussed a swing long for EURNZD. We are waiting for signs of buyers at weekly support before we enter long.
We are happy to say that the US Election is behind us and that we can start trading in regular market conditions again. Since the Dollar is expected to consolidate until Thursday, we recommend traders to either be patient or to trade the minors. As always, be safe and trade responsibly!