In today’s live trading session, we went over several pairs to determine which trade setups we will take this week. We first analyzed the US Dollar Index (DXY) and then moved on to the major and minor currency pairs.
The DXY had a bullish reaction to last Friday’s NFP results, as it has made its way up to a high of 93.70. We expect one last attempt by the index to make its way to 94.00. Although, we are also preparing for the alternative which is a move back down to 89.00. Once the DXY establishes its bias, we will have setups ready for EURUSD, GBPUSD, and Gold (XAUUSD).
We spent the rest of the session looking at currency pairs against the Loonie. We have determined a bullish bias for the Loonie and therefore, are looking to short NZDCAD, AUDCAD, and USDCAD. We determined to short these pairs based on our price action analysis as well as the recent positive employment data for the Canadian Dollar.
The fundamental schedule for this week is relatively bleak with a few important events sprinkled in. As always, we will ease into the trading week by using Monday as a day for the markets to gain its bearings. Our first important fundamental event is the RBNZ bank rate tomorrow night. We will have more clarity for the NZD pairs then. As always, be safe and trade responsibly!
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