Live market update discussions this morning covered how the markets are reacting to global news, and where we see strength and opportunity among the major currency pairs.
For DXY, we are still bullish and we provided reasons why we’re expecting a continuation to the upside in today’s daily live market update. Our target for DXY remains at ( members only ).
The US Dollar Index bias translates to a continued bearish bias for EURUSD. We are still looking for a continuation to go down toward the imbalance at the ( members only ) level, where we would look to take profits.
We have a bearish bias for both GBPUSD and EURUSD, and we are looking for more downside for both.
Both NZDUSD and AUDUSD are strong, so we may see some higher prices before we get a sell scenario to break down to our targets. Remember to always look for a break of market structure before looking for an entry on trades. There is a video in our Trading Portal about this strategy, and we recommend rewatching it as a quick refresher.
EURGBP came back to our entry so we’re closing this trade. We are now looking for a swing low to form. If it trades and hold below ( members only ), then we can start holding a bearish bias and look for lower prices.
With USDCAD, it is probably best to stay on the sidelines because price action does not look clean.
For USOIL, price did not drop as we expected. It now looks like it will continue to trade higher and take out the highs at ( members only ), then ( members only ), and ( members only ) for upside targets.
For GOLD, look for a potential pullback to an optimal trade entry level to trade higher.
It looks like BTC ended up outperforming ETH yesterday. We are looking for higher price to take out the ( members only ) area, and then would look for reasons to go short if we see a break of structure.
We gave a really good trade analysis on ETH yesterday, and we talked about looking for a pullback to go higher… which we saw. The pump traded all the way to an imbalance level that we marked out on the chart. You can review yesterday’s live market update session for the analysis in the replay section in the portal. To go short, we will need to see a break of structure.
There’s a ton more of currency, crypto, commodities and other indices left to go over, paid members get to follow along with the trader daily inside our trading portal.
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