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Video: Focus on These Crosspairs This Week While the Dollar is Uncertain

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

Click on the video to watch the full breakdown

The situation has changed for the Dollar. Cue dramatic music…

The question is: has is changed for the better or worse? That depends on your directional bias.

Last week’s NFP took out the whole range from previous weeks, creating a major engulfing price action candle on the week.

We’ve been Bullish on USD for some time now, and that continues to be the favoured outlook, until price breaks through key invalidation points (see the video for the exact level). But since last week was very heavily Bearish, the contradictory directions don’t add up to high probability trading.

In this kind of market environment, flexibility is in order and focus turns to the cross pairs (or Minors if that’s what you call them).

Luckily, we have some interesting price action on them this week.

Let’s first consider which currencies/countries have the most significant news calendar events this week, to see where the volatility will be most likely to be:

We have:

  • JPY – Speech
  • AUD – Rate announcement
  • NZD – Inflation Expectations
  • GBP – Speeches & GDP
  • USD – Speeches
  • EUR – Multiple Speeches

Looking at these, the charts we have this week, which contain currencies that BOTH have news are: GBP/JPY, EUR/NZD, NZD/JPY and AUD/NZD. Therefore, it may be worth keeping an eye on these when it comes to watching for volatility.

My personal pick of the week is: NZD/CAD – for its clear price action and the risk-to-reward potential.

Careful to not overtrade, nor to be overzealous with risk – the two account-killers for any trader.

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

  • WTI Crude Oil
  • NZD/JPY
  • GBP/JPY
  • EUR/NZD
  • GBP/CHF
  • NZD/CAD
  • AUD/NZD

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 associated risk.)

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