Congratulations Mr. Powell for staying on for his second term as Fed Chair and to Dr. Brainard for being appointed Vice-Chair. The US White House praises Powell and Brainard to “keeping inflation low, prices stable, and delivering full employment to make our economy stronger” as said by President Biden during his announcement this morning. This gives some more strength to the DXY bulls that are already in action.
In our live session today we went over the DXY and are watching the 96.805 level based on accumulation. This week we will be dissecting pullbacks and how to be confident of direction, so make sure to tune in and become an FX sponge. We go over USOIL and its continued bull cycle & had a look at GOLD to target any pullback down to the 1809-1805 range as it hit right during the session. We are staying out of the EURUSD for today and just monitoring but keeping a sharp eye on GBPUSD as we expect price to attack the 1.33515 area, so grab an entry on any pullback. Skipping over NZDUSD we look at shorting the AUDUSD as price went into a premium, so a great sell entry opportunity at this moment down to 0.72261. We are also bearish in AUDJPY and if taking a short at then consider setting a stop loss at 83.368 and a TP to 82.153. Watch the live session to learn how.
In Crypto, we inspected how margin traders are looking back on to the initial October consolidation on the daily BTCUSD chart. We are looking at targeting the $55634 and $53988.82 levels. At which point this becomes our potential reversal zone to watch out for, so we take most profit but leave some in case it keeps running down. A similar narrative for margin traders on ETHUSD. Inspect the initial consolidation on the Daily chart and looking to target the 3810 – 3480 range as it becomes our potential reversal area to watch.
Tomorrow, look out for Flash Manufacturing reports for EUR, GBP, JPY & USD as well as NZD cash rate.
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