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Video: Watch for These Breakouts on Minor Pairs & Dollar Direction Imminent

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

Click on the video to watch the full breakdown

We’ve had hardly any movement since the beginning of the week. At least nothing to shout about or act on.

With our levels marked out and the charts analysed, let’s wait for the rest of the week’s news calendar to kick in, to observe whether price action will get any more interesting.

The bigger the ranges, the bigger the move will be when it plays out.


Here’s our shortlist of opportunities for the week and where we’re currently at:

  • EUR/USD
    Market has broken to the downside. Now we wait to see if there’s a reaction and confirmation for a Buy, or a further drop lower, which signals a Sell. Remember we have multiple EUR and USD news this week…
  • CAD/JPY
    Market has headed higher, defying the Bearish analysis. So now, waiting for price to break past the last major high, to show it indeed wants to head up. Or, we reverse and go lower – so if it breaks multiple structures to the downside, and a Daily candle comes out weak, then we look to engage. Not yet though.
  • EUR/JPY
    Same as CAD/JPY.
  • EUR/CAD
    Stuck in a range. Waiting for some kind of breakout (Buy signal) or fakeout (Sell signal). Either one will indicate the direction. Long term, preference is to Long this pair.
  • WTI Crude Oil
    With a small drop, signs are of confirmed weakness, as expected. But we’re still in a range, waiting to break our key levels, before we engage. So no action here either yet.
  • AUD/NZD
    The pick of the week. But it’s still, like the others, stuck in a range. The move will come at some point, in either direction. Everything is marked out, so will be ready to participate when the market finally does reveal its hand.
  • Gold
    Still biased towards the Sell, but we haven’t yet broken the key level to the downside. Further waiting is neeed.

EUR/USD: multiple scenarios are possible here. Wait for the market to show its hand first…
AUD/NZD: Keeping a close eye on this scenario potentially developing.

This Week’s News Calendar

With announcements being released today and tomorrow, let’s observe the Daily candles. They are the clues to directions. Tomorrow morning will likely be an easier day, but remain neutral regardless.

This is a scalper’s market.


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

Contact and follow Dima on Twitter: @dimafpn

Image by Andrea Piacquadio, on Pexels

(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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