Judging the USD pairs
During yesterday's trading session we've seen that the USD weakens.
Due to the fact the major USD pairs are ALWAYS the driving force behind the cross-pairs
it's time to have a
closer look on the Majors before we take any new trades.
Besides that, this is how I start my trading session every single day!
So let's begin with AUDUSD
AUDUSD closed it's weekend gap and is clearly ranging sideways -> so no powerful trigger for the AUD pairs
So let's move on to NZDUSD
Due to the high correlation of AUDUSD and NZDUSD which are both affected by the Corona Crisis as explained in this
market analysis for the asian currencies
we see an almost
identical chart situation to AUDUSD -> no powerful trigger for the NZD pairs
And the JPY?
Yesterday we've seen a powerful 120 Pips down move which is a correction of the previous up-move from last week.
During
the night USDJPY recovered a bit and offered a great re-entry setup with a target at the next support level.
Sidenote -> Our yesterday's trade suggestion for CADJPY was pushed to it's profit target by today's USDJPY move
So there is a bit room left for USDJPY which might work as trigger for JPY pairs. Please check those charts in detail.
And what about the European currencies EUR, GBP and CHF?
EURUSD closed the weekend gap but failed to break the resistance level.
Considering FX Power both
currencies EUR and USD are currently floating in the neutral zone. -> no EUR trade trigger
And the GBP?
The GBP is really strong today but GBPUSD hit and struggeled at a resistance on the High TF's.
There is potential
but all GBP long trades are currently stopped -> worth to monitor but no new entries on GBP pairs yet
What about USDCHF?
USDCHF is clearly stuck in a SR cluster and the FX Power history lines are almost all neutral -> no trigger for CHF pairs
Last but not least remains the USDCAD
The conditions for the CAD are unchanged since my
CAD market analysis yesterday.
The weakness of the USD caused the stop out on this pair but the direction was and is still right.
Nonetheless
it is still fighting with resistance levels and the USD weakness won't push it upwards.
-> No trigger for the CAD pairs
My recommendation for today: Stay at the sideline until one of the major comes up with a clear chart picture.
Find the right trading opportunities day by day!
(and
learn when to better stay out as well)
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All the best and happy trading
Daniel
