In this week’s Forex video I will be discussing how to use the Daily Trading Bias to find trades. I will also give an outlook for a few currency pairs.
Daily Trading Bias
Last week in the free Daily Trading Bias, that I post each week, I covered the AUD/USD currency pair. In my email this week, I also included a link to my video where I discussed in detail, what I would be looking for in the AUD/USD and how I would be using the Daily Trading Bias to my advantage, to give me an edge.
The Forex Market Outlook
This week in the Forex Market Outlook I will cover three currency pairs: EUR/USD, USD/CAD, and AUD/USD.
On Friday, the U.S. dollar was very weak, and because of this, there were big moves in currencies that traded against the dollar. Will the dollar continue to weaken this week? Well, one thing I can see is there is MACD divergence on the EUR/USD price chart, and because of this, there is not a guarantee that the dollar will strengthen.
USD/CAD is another currency pair that I have been actively trading over the past few weeks. On Friday USD/CAD closed just below the 78.6% Fibonacci level. To keep my past view valid, USD/CAD must get back above the 78.6% level early next week. Friday will be a newsworthy day. NFP tends to be one of the most significant news events each month in the Forex market.
The last currency pair that I cover in the Forex Market Outlook is AUD/USD. My analysis hasn’t changed much over the previous week. Using the daily chart, we can see that the Aussie dollar is setting up a potential AB=CD pattern. Aussie has pressed up against the 61.8% Fibonacci level. If the Aussie trades at a higher price point than the 78.6% level, I will re-evaluate my outlook and adjust my plan moving forward.