In today’s live trading session, we went over the trades we took this week, and then we found trade ideas for next week.
Due to the US Election carrying over to this week, we had a very slow start to the week. Many of our pending setups for EURNZD and AUDNZD did not become active until yesterday or today. But, we were still able to capitalize on our trades for USDCHF and NZDCHF. Both trades have hit their respective first targets. We expect further downside for NZDCHF as we will hold a small position over the weekend.
As for trade setups to take next week, we have found a golden opportunity for NZDJPY. This pair has respected resistance at 71.620 for a good portion of the quarter. This week market makers pushed price above this level and then immediately reversed back to the downside. This is a common occurrence in the Forex market. We are looking to enter short next week with a final target of 68.700.
In addition to the US Election, we also had speeches by Powell, ECB Lagarde, and BOE Bailey this week. We were still able to enter two trades and win both of them. We predict things to settle down next week and it should provide more ideal trade opportunities. We hope you have a great weekend!