After spending much of the at 90.200, the US Dollar Index has pushed up to the upside, but the rally was short-lived. Price has since then created a new lower high and should head lower.
While the DXY battles immense selling pressure, GBPUSD continues to rise. This pair has hit 1.42000 and is currently looking to create a new leg up. Price action traders have secured some profit at around +160 pips With stops pushed into profit, traders are in a risk-free position for further gains. We may see a similar long for EURUSD once it breaks out of its range.
Another swing trade this playing out beautifully is NZDJPY. Price action traders entered long last Friday’ after confirmation on the lower time frames. Since then price has surged +120 pips into profit. This swing position is moments away from reaching take profit 3 which is at 78.800.
The fundamental schedule of the rest of the week is relevantly bleak so traders can expect smooth conditions. This may also lead to consolidation so traders should take note of that as well.
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- Read yesterday’s breakdown: GBPUSD Hits Target + EURUSD Range Breakout
