In today’s live trading session, we went over our game plan for the upcoming trading week. We did this by first analyzing this week’s fundamental schedule, followed by the completion of technical analysis for the US Dollar and certain currency pairs.
The fundamental schedule for this week starts off really slow with virtually zero events today. Tuesday is barely any better with the US consumer confidence as being the only medium impact event. Things do pick up from the midweek and onward. Technical analysis indicates the US Dollar is set to retrace higher, with a possible target of 93.90. Later in the week, we have the US unemployment claims being released and currently, there is no forecast. At the moment, we are assuming a bullish result due to the cues being displayed in the DXY.
After determining our bias for the US Dollar, we honed in on trade setups to take this week. We have found two possible short setups for EURUSD and GBPUSD. Both trades are pending and will only be taken if price action satisfies our entry criteria. Our swing idea for NZDJPY is looking like a real possibility as price has dipped near our entry price. If NZD continues to slip against the USD, we could have entry into NZDJPY as soon as tomorrow.
Like most trading weeks, Monday’s tend to be “throwaway” days as not much if anything happens in the markets. If things do happen, they can often be deceiving and tend to trap traders into trades that they never planned on entering. That is why it is always best to wait for the London session (Tuesday morning) to begin your trading week. As always, be safe and trade responsibly!
Directory:
- Sign up for a Free Membership.
- Login to watch full recorded webinars in our Forex Trading Room.
- Chat with our traders in the Community Discord Server.
- Read yesterday’s breakdown: Weekly Profit Recap (+100 Pips) + Trades for Next Week
- 7 Day Risk-Free Trial
