In today’s live trading session, we went over possible trade ideas for AUDUSD and NZDJPY.
This morning the US Dollar Index continued its selloff to 92.50. This move may be attributed to Moderna announcing their vaccine being 94.5% effective in preventing Covid-19. Besides, technical analysis indicates further Dollar weakness as well. With this news, we determined a bullish bias for AUDUSD as the pair is showing signs of further upside.
The next trade idea is for NZDJPY. This pair is mirroring price action seen in AUDUSD. This pair also takes advantage of the weaker Dollar. We will be looking to enter this trade once the pair clears weekly resistance. Another beneficial factor for this trade is how well New Zealand handled the pandemic. Their cases are low and their economy is doing well without any major lockdowns.
The fundamental schedule for this week is fairly bleak, with only a handful of high impact events. We are looking to enter our AUDUSD and NZDJPY trade ideas later tonight or early tomorrow morning. As always, be safe and trade responsibly!
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