The topic of this week’s Forex Video will cover how to use the Daily Trading Bias to find trades and give an outlook for a few currency pairs.
Daily Trading Bias
This past week the FREE Daily Trading Bias that I post one day each week covered the Aud/Usd currency pair. When I sent out the email this week I also sent a link to a video detailing what I would be looking for in the Aud/Usd and how I would be using the trading Bias to give me an edge. You can watch last week’s Daily Trading Bias here. Now fast forward and take a look at your charts. Can you see how the Bias can give your trading an edge?
The Forex Market Outlook
This week’s the Forex Market Outlook will cover three currency pairs, Eur/Usd, Usd/Cad and Aud/Usd. On Friday the U.S. Dollar was very weak and this caused big moves in currencies that traded against the Dollar. Will Dollar weakness continue this week? One thing that I can see is there is MACD divergence on the Eur/Usd price chart. This does not guarantee that the dollar will strengthen. Usd/Cad is another currency pair that I have been actively tracking over the past few weeks.
Usd/Cad is another currency pair that I have been actively tracking over the past few weeks. On Friday Dollar Canada close just below the 78.6% Fibonacci level. In order to keep my past view valid, Usd/Cad must get back above the 78.6% level early next week. Friday will be a big news item. NFP tends to be one of the biggest news events each month in the Forex Market.
The last currency pair that is covered in the Forex Market Outlook is Aud/Usd. My analysis has not changed much over the last week. Using the daily chart 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 reevaluate my outlook and adjust my plan moving forward.