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Good Morning Traders,

We are looking at GBPUSD, NZDUSD, AUDUSD & USDCAD today as we end the week.

GBPUSD

  • 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.

 

NZDUSD

  • 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.

AUDUSD

  • 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.

USDCAD

  • 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).

 

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