The #Forex Market Wrap is here!
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Hi guys, welcome to today’s Blueberry Markets video update from me, John Kibbler, Head Currency Analyst.
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Today we’re going to go for the Forex Market Wrap. I’m not going to go through much. Essentially, we’re going to go over some of our open positions, how they’ve performed, but also we’re going to go through a couple of other exciting charts.
The US Dollar is against other subjects of interest because the market continued to range and it was a bit of a mixed week on the US Dollar. We’ve had some bullish days, some very bearish days. Again yesterday, I had a nice bullish day coming off of these lows, but it doesn’t seem to be following through at the moment for the current European session.
I’m starting to see a little bit of downside to the US Dollar at the moment. But, yesterday was a nice bullish close off these lows here. It could suggest that the market could stay within the range, but we’ll have to see how that closes and see how that sets up on Monday. But essentially, the price is still within that range. The US Dollar is very much range-bound still, like EUR/USD. Nothing really to discuss here.
The GB Pound has been the strongest currency. We saw it break out of these swing highs here. The market hasn’t come and retested that yet, but it’s still one of the strongest currencies of the week. And we look to trade it against the AU Dollar, and we can see that the market has pushed up in our favour, through here. We look to change the trade, for the bearish candlestick high to show that momentum was shifting and forming a double bottom pattern.
The market has broken through that pattern. We want to see a little bit more to this, but that might come with a bit of risk-off sentiment. We’re starting to see a little bit of risk-off coming into the markets. For instance, if we look at the Dow, it was beginning to see some bearish days coming in, suggesting that we have seen a little bit of a dip in the stock markets. We can see that the S&P 500 is dropping, and also, we can see that the DAX has also started to take a move towards the downside. Again, one of those where we start to see some stock market moves to the downside or some slight bearishness, causing few fluctuations to the risk currencies.
Another risk currency is we traded in both ways: it was USD/CAD. We were looking for this breakout to continue. That didn’t happen, and now we’re looking for the break of the lows. Unfortunately, we stopped on this one. In the end, we traded 50% of the retracement on the candle, but it didn’t follow through.
CADJPY followed through; we came too close to stocks on this one, but markets followed through, heading towards targets now. Still, very positive.
We also banked NZD/USD to the upside at this level, that came in over one per cent. Still, very positive at the moment in terms of open positions. But other than that, there’s not been much change to the markets. The only great opportunities we have are from the GB Pound trades, GBP/AUD, and things like that are all looking pretty good to the upside.
Keep an eye on those GB Pound pairs, and I will catch you in the video next week. Cheers!
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