TV

Video: Don’t Sell the Discounted Dollar Yet – Wait for this Scenario First on EUR & GBP

Weekly Analysis of the high probability opportunities for this week in Forex, Indices & Commodities.

Click on the video to watch the full breakdown

The sharp Dollar selloff from the past couple of weeks has now produced a very tempting situation where you’re probably thinking to:

Sell these: USD/CAD, USD/JPY, USD/CHF
and
Buy these: EUR/USD, GBP/USD, AUD/USD

But don’t be in a rush to FOMO into a setup. Chasing the market is a beginner’s mindset. Let the market come to you.

Before participating, make sure you have a better price to buy/sell from. Just because the market has moved a large number of pips, doesn’t mean it’ll continue to do so. Especially when there are major levels in the way.

And when a major level has been hit, there’s a higher chance the market will create a reversal, rather than a continuation. Plot those levels on the chart. In this week’s video, you can see the example in the EUR/USD. Two scenarios are outlined. Flexibility in thinking, not marrying to one idea too much, is key.

We have an interesting calendar of news this week. The focus is on:

  • USD – the FOMC release
  • CAD – CPI & other releases
  • GBP – because it features multiple times
  • AUD – because it features multiple times

This mix makes things interesting for the Minor pairs on the shortlist too, for this week.

Why? Look at the range-bound price behaviour we’ve had on the charts. That means ‘pressure’ is building and a big move is expected. The longer the market ranges sideways, the more explosive the move is likely to be when it happens.

Just prepare for it so you’re ready when it does happen.

In this video we go over these opportunities for the week:

  • EUR/USD
  • CAD/JPY
  • NAS100
  • GBP/CHF
  • AUD/CAD
  • AUD/NZD
  • EUR/GBP

Written by: Dima Mihailovich, Technical Analyst for Forex Prop News

Contact and follow Dima on Twitter: @dimafpn

(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.)

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