In today’s live trading session, we went over the current status of our USDJPY and AUDJPY trade ideas. We then gave an update on our NZDUSD swing trade.
After hitting our first take profit, USDJPY came back and stopped our remaining position at breakeven, This move was facilitated by a ‘random’ gap up in the US Dollar Index. So we then decided to take a short for AUDJPY. This trade looked very promising as price pulled back within the trading range. Currently, the trade is in profit and we are nearing take profit 1.
As we let AUDJPY playout, we are actively seeking entry into NZDUSD. This pair is coming off weekly resistance and is showing some signs of weakness. We won’t enter until we get candlestick confirmation. We would ideally want a shooting star candle and for price to clear the recent higher lower. If that doesn’t occur, we will look to go long after we clear this week’s high.
This morning we also had some positive US manufacturing data, so we may see the DXY stay afloat for the rest of the day. We are hoping that this continues long enough for us to enter NZDUSD. If not, we always have the opportunity to short the Dollar. As always, be safe and trade responsibly!