Welcome to another live trading session. In today’s session, we went over our trade setups for NZDCAD and NZDUSD that led us to +120 pips of profit. We then discovered a great long term swing opportunity for AUDUSD.
This week we decided to enter short on NZDCAD and NZDUSD because of weak the New Zealand Dollar is due to the Coronavirus and how strong the Canadian Dollar is due to an increase in inflation. In combination with technical analysis, this setup was a dream. Both pairs have slipped considerably in the past day, and we do expect further downfall.
The rest of the session was spent t analyzing the US Dollar Index (DXY) and AUDUSD. The US Dollar Index (DXY) is within arms reach to the 100 psychological level. We are expecting a minor retrace from this level before the US Dollar makes another attempt to go higher. This should be the reason why USDCAD will continue to fall over the next few days. After completing a top-down analysis of AUDUSD, we identified an amazing swing short setup. The chaos caused by the Coronavirus has heavily affected the Australian Dollar and it is something that will not be over anytime soon. We have a long term target of 0.63400 for AUDUSD.
This week has been great as we have made significant profits without incurring any major losses. The rest of the day is fairly quiet in terms of fundamentals, but things will pick up considerably during the London session. We have French and German PMI data being released and it is expected to be less than the previous months. This is great for us, as we have a short bias on the Euro. If any new trades ideas come our way, we will be sure to send them out on Telegram and Discord. As always, be safe and trade responsibly!
Check Out Yesterday’s Blog Post: February 19th, 2020
