Powell Hints At A Stronger Dollar + USDCAD Swing Short In Play?

Welcome to another live trading session. In today’s session, we went over the profits made from our EURUSD and USDCAD trades taken yesterday. We also went over trade setups that we can take during the midweek.

During yesterday’s live session, we went over two viable setups to enter to start the trading week. They were both short trades for EURUSD and NZDUSD. Our EURUSD trade went as far as +31 pips into profit before reverting back to our entry point. Our other trade was NZDUSD, which confirmed our entry criteria, but ended up stopping us out at a -18 pip loss. Later in the day, RP Forex called a short on USDCAD which is currently up +25 pips in profit. This is a swing trade, with a potential target of 1.32700.

In today’s session, we took a look at setups for EURAUD, GBPNZD and AUDCHF. We found the possibility of shorting EURAUD and GBPNZD as both pairs have run into daily resistance. We are awaiting confirmation on the daily candle closure to confirm our bias. There is a small chance we may have a long setup on AUDCHF. Although, fundamentally the Australian Dollar is in a rut, technicals point to a different picture. Given a breach of 0.66000, we could see AUDCHF move up to 0.67500 in the next quarter or so.

Tomorrow’s fundamental schedule is loaded with monetary policy statements from multiple nations and therefore, we may expect consolidation in the markets until then. We will continue to hold our USDCAD and NZDCAD trades as they are expected to continue to drop. We will discuss the monetary policy statements, tomorrow during our live session. As always, be safe and trade responsibly.

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