Welcome to another live trading session. In today’s trading session, we did a live entry for USDCHF and USDJPY. We then did an analysis of US Oil and determined a possible short setup.
In yesterday’s live trading session, we identified a possible short for USDCHF. The entry was not available until today’s live session. We had USDCHF pierce our daily support level, which allowed us to enter the trade. We then spotted a similar setup for USDJPY, for which we also entered short. We are currently attempting to take advantage of the safe-haven strength depicted by the Japanese Yen and the Swiss Franc. Also as discussed in yesterday’s session, GBPUSD has made a rally to the top of it’s intraday range at 1.30000.
There is speculation that the Coronavirus could bring on the next US Recession. Many investors are waiting for the end of the quarter to gauge the severity of the virus and whether we have a pandemic on our hands. During this time period, we can see XAUUSD continue it’s push to 1800, and see currencies like the Australian and New Zealand Dollar fall.
During the last part of the live session, we found a possible to short on Crude Oil as well. This trade can be entered once we get a four-hour bearish closure below 50.50. This trade might be on the back-burner as we are currently expecting our USDJPY and USDCHF trades to playout. With that being said, I will see you all tomorrow for another live trading. As always, be safe and trade responsibly.
Check Out Yesterday’s Blog Post: February 24th, 2020
