In today’s live trading session, we did a brief overview of the possible trade setups for the week. We took note that this Wednesday is the FOMC rate statement and that many of the major currency pairs may consolidate until then.
Eyes are set on the Federal Reserve this Wednesday as they are set to announce the interest rate moving forward. Taking into consideration last Friday’s positive NFP result, it would be surprising to see the Fed cut interest rates. With the second wave of Covid-19 still being a real possibility, it is expected that interest rates will be kept the same.
As for setups to trade this week, there is honestly a handful to trade. There are opportunities left, right, and center this week. One of the more promising setups is a short for EURNZD. This pair has been in a significant selloff for quite some time now. With a breach of the current hourly support, we should see the next leg down. The other setup we are keeping a watch on is a short for USDCAD. This pair has continued its downtrend from the start of the quarter and has provided an entry on the four-hour time frame.
With a handful of setups analyzed, our duty is now to be patient and disciplined until our entry criteria are confirmed. These past few weeks our success rate has hovered around 95%. That’s spectacular considering that we are trading through a pandemic, a cold war, and now global unrest. Let’s keep the momentum up! As always, be safe and trade responsibly!
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