Mid-Week Technical Analysis of the high probability opportunities for this week in Forex, Indices & Commodities.
Click on the video to watch the full breakdown
As anticipated at the beginning of the week, patience was all that was required to allow the market to show its hand.
Hopefully you as a trader are able to hold a poker face…
NZD Makes a Move
NZD remains the focus of the week with the Rate announcement that has now been released, and currently we have the move we’ve waited a few weeks for on AUD/NZD. Market has given a lower price and we wait for the turnaround. From here, the choice is yours whether to look at an immediate entry or the ‘safer’ scenario of allowing the market to make its turnaround and get in on the continuation.
Stalking the CAD Pairs
CAD also features prominently on this week’s calendar, so our two CAD pairs are developing:
- EUR/CAD – still in the retracement phase, waiting for the bullish bias to resume
- AUD/CAD – currently in an unclear range; we have the better price much lower (similar to the AUD/NZD scenario actually), but let’s also consider the possibility of it breaking higher, in which case we remain adaptable and trade at the pullback after higher prices, not chasing the market.
Rest of the Charts
As for the others, more waiting is required before decisions can be made. Let the markets develop and break their poker face, before you do. Watch the video for specific levels to keep an eye on.
In this video we go over these opportunities for the week:
Written by: Dima Mihailovich, Technical Analyst for Forex Prop News
Contact and follow Dima on Twitter: @dimafpn
Image by pvproductions on Freepik
(Please note: All comments made in this video and article are not trading or investment advice and are for education purposes only. You are responsible for your own decisions and the risk that goes with it.)