The #Forex Market Wrap is here!
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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 over the Forex Market Wrap. I’m going to go over the open positions we have as well currently in the market.
But essentially, the Dollar has gained some strength. So we’ve been expecting this for a little while. We wanted to see this confirmed.
Obviously, we’re coming up to the US election next week as well where typically the Dollar does strengthen. So, we are still expecting to see that.
We’ll go over a bit of an election special for the Forex Market Outlook next week. We’ll talk about some key levels and some key charts to watch in the Forex Market Outlook.
But essentially, the Dollar has gained strength this week, and we can see that from this EUR/USD chart. The price closing or heading towards a very nice bearish close.
What we can anticipate here is where could price go to. We’ve been talking about 1.14 for a while now, and that’s this huge level here on EUR/USD where prices touched recently and back in 2019 as well.
This is where we’re expecting the price to head to. Expecting that Dollar strength to continue in the Forex Market Outlook we’ll point out a couple of areas to watch for that continuation.
But, you know, this week the Dollars really has strengthened. We’ve seen some key opportunities this week. We can see that price has broken out of this channel, which we spoke about on EUR/USD as well.
A lot of the majors formed these channels this week and was expecting the price to break down. But now, we have that confirmation that price is doing that, which is what we’ve been waiting for.
And now that we see that, coming up to election week, we can point out a couple of areas in the Outlook which we can look for. So really focusing on those majors, the majors next week, and that Dollar. How is that going to play out?
Now, we have a couple of positions, especially USD/CHF, which is an interesting one. Because we’ve been holding on to this for a while now. We did set some alerts about these highs. I think it’s a bit of an ask to look for the market to retest these highs before the election.
So what I’m actually going to do, just in case any kind of news comes out over the weekend is close these positions down. So just going to close USD/CHF. Unfortunately, it could have gotten got out for a very good price up here. However, I was expecting that weekly to continue to the upside.
So attack that position just through here. But, you know, we are expecting that continuation. But what we may expect is maybe another drop back down into these lows here, and we’ll analyze next week what the potential opportunity could be here, and what happened previously in order to kind of point out a level that we can watch going into next week.
EUR/JPY as well, we were looking for the position to come and retest 1.23. The price has just continued that four-hour trend at the moment. So happy to haven’t triggered this one. So happy to just close this position as well.
EUR/AUD was as well. We’re in a slight loss at the moment on EUR/AUD. We could sit in this one away to see if it does pop to the upside. But again, don’t want any weekend news to force us out of any moves here.
So I’m just going to close this position for a small loss just in here as well. Essentially, we don’t want any trades in holding over the weekend just in case any sharp news comes out. Obviously, you know, we’ll talk about the details of what kind of currencies we can look for going into next week.
But at the moment, we can see the Dollar strengthening quite nicely. We’ll see how that plays out going into next week.
If you have any comments or questions or anything you want me to go over in that sort of election week, let me know in the comment section below.
I hope you’ve enjoyed the content this week, and I’ll speak to you soon.
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