FOREX Chart Of The Day: Open Forex Trades Update

Hi, and welcome to this Blueberry Markets video update with me, John Kibler, Head Currency Analyst.

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In this video, we’re going to go through our open trades. Currently, I saw a comment on YouTube asking for an update on EUR/USD and what my thoughts are. So, I thought I’d go through the current open trade.

CADJPY

The first one I’m going to go through is CAD/JPY. We’re going to discuss why we looked to get short in this position.

The strength and weakness chart suggests that we look for buying opportunities. We can see that the market is bullish because we’re getting those nice higher highs and higher lows form.

But, what happened is the price has retested this area of structure. This Web Market found some resistance in the past. Typically, in an uptrend, we get those higher highs and higher lows. What we look for is the market to pull back to an area of support and continue to the upside.

So, that’s what I’m looking for here. I’m trading the reversal set up. The market came into this key area of resistance, rejected the bearish candlestick, overbought on the RSI, and now, the price looks to be overextended on that impulse move.

I’m looking for the price to retest previous structure highs for the potential trend to continue. We can see this level has been supported and found resistance in the past.

So, I’m looking for the market to drop back down into this area, find some support, and then potentially move back to the upside.

EURAUD

Going to EUR/AUD now. It finally pushed back. e got in on this candlestick – which suggests that the market could pull back – it rallied a little bit, and dropped significantly. Our stop loss is below the swing low though. Now, the market is starting to move back in our favour.

That’s why we took this position here. It’s because we’re expecting the AU Dollar to weaken significantly.

The reason is that the market has been strong for so long that we expect some kind of reversal in that strength.

AUDUSD

So, if we go to AUD/USD, we can see that the price is starting to break out of trend and looks to be pushing low.

If we look at the daily timeframe, we’ve got this nice bearish setup. We have a long way to go to close, but the price looks to be pushing to the downside. It’s at that key 0.7 area, but the market seems to bounce off.

It looks to me that AUD/USD could pull right back down into this previous structure high, which suggests that the AU Dollar is going to weaken further.

EUR/AUD is still looking good for me. If you’re looking for a potential opportunity, you can look for a break of this high here, and then look for the retest on a lower timeframe, then look for that continuation to the upside.

If you don’t like the look of this, you could also wait until the end of the day and see if it closes like this. Suppose it closes like this, then it’s another good sign that the price could push to the upside.

But in early trading, the market is looking pretty good and moving in our favour.

Four-hour timeframe

If we go down into the four-hour timeframe, we will be looking at this structure high because the previous four-hour high has no real break in that trend.

We could see either the price breakout of this high, pullback, and continue, or we’ll get another dip, then another rally into a structure here. You can see the support and a bit of resistance just there.

I like the look of EUR/AUD upside. The market has moved a long way. If we look at it from a weekly perspective, it’s back down at this previous structure point. It took these lows out here and then rebounded, so I’m expecting a bit of upside.

I hope you enjoyed this video update. If you did, leave a like, and I will catch you in the next video.

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