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Video: Weekly Trade Plan – Watch for the NFP Reversal & Focus on AUD Setups

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

Click on the video to watch the full breakdown

This week is more heavily focused on AUD and also CAD. Why? Because the news and technical analysis line up. On the calendar we have:

  • AUD – Rate announcement on Tuesday
  • CAD – Rate announcement on Wednesday

That doesn’t mean you should trade all the charts with AUD and CAD in them, but that if a trade idea is to play out, those are the ones more likely to give you a smooth run.

What’s the bias? Looking the overall higher timeframe picture, it seems to suggest a strong AUD and weak CAD. With that, therefore, we’d look to take:

  • Long – on pairs with AUD as base currency
  • Long – on pairs with CAD as quote currency
  • And of course, AUD/CAD would be the perfect match of opposing biases. Combining the opposing strong and weak biases increases the probabilities of a direction playing out, whereas trading a pair where both currencies are strong/weak produces a ranging market.

As for the Dollar Bias…

For now it looks Bearish, but the tricky part here is the new month. At the start of every new month, when previous month’s trade take profit and new traders enter, we usually have a move in the opposite direction to the overall trend. This is the pullback/retracement. This phase of the market is also tradable, but a clear picture is needed on D1 first. That’s why this week the bias is flexible on EUR/USD. We wait for the market to give us its intention.

And lastly, a Pro Tip:

On NFP weeks, focus your attention on Mon-Wed, as Thu and Fri can be slow and choppy. On non-NFP weeks, Tue-Thu are the better days.

As for the news calendar, the focus in terms of volatility is:

Watch the video for this week’s areas of interest and trade scenarios.

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

  • EUR/USD
  • USD/CAD
  • EUR/JPY
  • AUD/JPY
  • AUD/CAD
  • AUD/NZD
  • SP500

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

Contact and follow Dima on Twitter: @dimafpn

Image by vecstock

(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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