FOREX Chart Of The Day: FOREX Trade Updates
Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, head currency analyst.
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In this video, we’re going to go through the trade updates. There have been some developments as the market has broken into some new highs, especially USD/CAD. We’ve been in long from USD/CAD ever since it re-tested this area through here. We saw the market consolidate through here.
What we wanted to see was a breakout, and we’ve got that now. Prices even pulled back into the previous structure high. I’m expecting some bias to re-enter the market here and head towards our key-area. We’re looking for the market to at least test 1.33. We’ll bring this support level down through here. 1.33 is the area we’re expecting the market to go and re-test. The price is just re-testing some structure support at the moment. What I’m expecting here is the market to rally to the upside.
At the moment, the price is pulling back. The Dollar is moving slightly lower at the moment. We’re putting back into the zone once again. We could start to see again, are we going to start seeing some bias drop back into the market at this point through there?
USD/CAD position is still looking good. We’re very close to the targets. We were around about 12 to 13 pips away, pull back since, but expecting the market to continue to push to the upside just after a re-test of this zone through here. USD/CAD looking okay at the moment.
AUD/USD triggered last night, broke through the previous daily lows. The Dollar is just moving low at the moment, we’re getting a bit of a pullback here. Still expecting this market to drop to the downside, and re-test these lows through there, waiting for that Dollar stream to start coming through.
What I like about Aussie is the fact that its change cycle on the four-hour time frame, so we’ve got that lower low that we spoke about in yesterday’s video. We’re just hovering at that resistance level now, looking for the market to drop to the downside through here.
The other trade that we’re in currently is USD/CHF. We’ve been in this one for a while as well.
The market did break back up into profit today but has dropped back down since. Four-hour time frame though still looking pretty good. We’ve had this nice breakout here. The market has formed a new higher high on this time frame, pulling back into an area of support. So once again, we’re expecting the market to break higher here on USD/CHF.
Those are our trade updates at the moment. We did have a new New Zealand-CAD position, but it didn’t trigger in the end, and the price moved and hit those targets. If you did look to capitalize on NZD/CAD this week, so far you would have done very well. So, waiting for the markets to continue in our direction. The four-hour trends are looking good, and we should see the market move in our favor.
Thanks for watching this video update, and I’ll catch you in the next one.
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