In today’s live trading session, we went over our pending Gold trade and where the US Dollar Index (DXY) is headed.
Last week, Gold made its move down to 1790. Gold is under pressure with several successful vaccine trials. This morning Moderna released that it had a 100% effective vaccine against Covid-19. Over the weekend, the price broke below our first target and now we are ready to enter. We will be seeking an entry later during the Australian session.
This week is the Non-Farm Payroll (NFP) release and the current forecasts are mixed. Fewer jobs are expected to be added, but unemployment is set to drop by 0.1%. As for technical analysis, our short-term target of 91.000 is in play. Over the weekend, the price went as low as 91.500. We expect a slight retracement back up, before the price heads down lower.
We are still holding our NZDCAD and EURNZD swing trades from last week. As these trades breathe, we will start to gain entries into Gold and AUDUSD. We will try to maximize gains in these two weeks, as the holidays approach us. 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 Trade Recap + AUDNZD Swing Trade for Next Week!
- 7 Day Risk-Free Trial
