Good Morning Traders,
We are looking at GBPUSD, NZDUSD, AUDUSD & USDCAD today as we end the week.
- Price has hovered around that weekly trend line area for the past two days.
- Should dollar move higher than we’ll see price drop from here and form a lower high.
- Safer to wait for the break and retest of the purple line (marked on the chart). This is where the Daily 200 SMA lies.
- Look for short trades on smaller time frames up to 0.6700.
- Once price reaches 0.6700, lock some profit in. Fully expect price to break through but there might be a brief pause before a continuation to the downside.
- Same approach as Kiwi but this time lock some profit once price gets to 0.7040.
- Again, fully expect price to break through this level.
- Price reached that level just above the Daily 200 SMA that I mentioned about in the previous analysis and bounced.
- Look for buy trades on smaller time frames. I always find cycles to be cleaner on the 1HR chart when trading the Loonie (see chart below).