In today’s live trading session, we went over our NZDCAD trade idea, and then we discovered a possible long for EURUSD.
Our NZDCAD swing long has hit its first take profit. We will secure 30% of profits here, and leave the remaining position open for our other targets. We will continue our bullish bias for the New Zealand Dollar, especially as the US Dollar Index (DXY) continues to weaken.
With the DXY continuing its downtrend, many majors are coming alive against the Dollar. EURUSD has finally cleared September’s high, which paves the way for possible longs. We will be waiting for the Euro to clear the high created in August 2017. Once it does that, we should have enough confirmation to enter long.
Tomorrow is the release of the ADP unemployment numbers for the US economy. Current forecasts predict an addition of 433,000 jobs, which is slightly better than the previous month’s result. We will discuss the results and possible trade opportunities in tomorrow’s live trading session. As always, be safe and trade responsibly!
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