How is your trading so far?
Have you noticed that the market has been a little slower than usual?
At least the majors have been trading in a very tight range (well… most of them at least).
Do you agree with me?
So here are a few things you need to take in consideration for the rest of the week.
Plenty of important fundamental announcements
This week we got a few of the most important fundamental announcements:
On Wednesday we got:
The GDP from CAD and USD
FOMC Statement (very important)
GBP interest rate and statement
EUR interest rate and statement
And on Friday:
USD Non-farm payrolls report and unemployment rate
So what do you think? Are you going to trade during these announcements?
Currency Pairs to Watch
Did you notice I talked about the majors in my initial paragraph? That’s because they are in fact trading in a very short term range…
But that’s not the case for some of the crosses, like these two:
This one os probably the currency pair that I like the most. Here is my long term chart:
Pretty clear isnt it?
So for the AUDNZD, I’m going to be looking for short opportunities until it hits the next LT support level which is at: 1.0899
It is currently trading at 1.1347, so we got plenty of room.
Another cross that I think is trading in a very clear market condition is the EURAUD… It broke through the short term resistance level this morning, triggering a bullish market condition:
And you know what that means… That means that I’m going to be looking for long opportunities.
The next LT resistance level is at 1.5000, so we got more than 380 pips before we hit that level. Enough for you?
Let me know what you think about my analysis… and what I think about the majors.
Are you going to trade during the news announcements?
Let me know in the comment section.