Trading the USD downtrend
The market was shaken by three rate cuts this week, but we finally seeing some good trend moves.
Since yesterday afternoon the USD is in the lead and we see a smooth trend continuation on all majors.
So let's have a look at each of these major pair charts beginning with the AUDUSD
AUDUSD looks interesting (for next week) but there is not enough strength in this pair and the volume stagnates.
Chances for a breakout to the upside are good but not yet. Maybe next week.
EURUSD provided a great entry setup yesterday afternoon which I unfortunately missed.
The currency strength lines were perfect and the volume on EUR was rising as well.
All in all a clear BUY but I don't enter in this advance stage of a trend move.
GBPUSD was in our favour this week. We entered with a weak 1-weak GBP strength line but the quickly rising volume convinced us to do so.
So we are now in a comfortable situation to have a safe profit of 48 Pips and looking forward to reaching our target at the next resistance level.
NZDUSD made a great jump upwards during the Asian session but is currently struggling in a resistance zone.
USDCAD is clearly ranging sideways
USDCHF continues its downtrend and we just trail our stops to wherever this may end. Safe profit is +98 Pips (+162 Pips floating)
USDJPY is doing great since my yesterdays analysis and our saved profit is currently +128 Pips (+200 Pips floating)
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All the best and happy trading
Daniel
