Tuesday Technical Analysis of the high probability opportunities for this week in Forex, Indices & Commodities.
Click on the video to watch the full breakdown
The USD has taken centre stage again, bringing itself back into focus with its renewed strength.
The sharp reversal off significant lows hints at the continuing Buy Side bias. Now, we can prepare for the next steps and the road ahead is clearer.
Take into account more expected volatility with the news all this week and we have some interesting price action to look forward to. The plan is set – see the video for your reference points.
By extension, the other USD pairs fit into the same Buy scenario bias and we now await price to do its thing, and – without chasing the market – to look at capitalising on any better price that the markets could offer.
As for the indices and SP500, since the overall move is to the downside, it’s no surprise that we’ll have to wait a bit inside this ‘retracement phase’ before a clear setup appears. Coupled with the USD news, we wait for the right time.
As the saying goes: “God may be slow, but he’s always on time.”
Lastly, the Minor Pairs are still very much of interest, especially with the eventful multi-currency economic calendar this week. It’s not always easy to judge where and when the market will make its expected move, but the best way to make use of it consistently and save yourself headaches is:
- Be consistently present when the market does make its move
- Stay away from and let go of the low probability setups/markets
- Buy only when it’s cheap
- Sell only when it’s expensive
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
(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.)