No Decision Yet From Brussels As All Eyes Await EU’s Brexit Extension.
EUR/USD
Analysis: This pair made a solid 1st push to the downside on Thursday, and that leads to a profitable short trade creating the 2nd push to the downside on Friday.
Keeping the same bias, we are looking to trade for the third push to the downside going into the new week.
Manipulation Points: Upper – 1.1095
GBP/USD
Analysis: Here, we also made the 1st push to the downside on Thursday, but a sideways price action followed it on Friday. Since we have one day of sideways price action, our short bias remains.
We are Trading for the 2nd push to the downside.
Manipulation Points: Upper – 1.2866
AUD/USD
Analysis: We have been grinding lower since the double top on Tuesday of last week but didn’t make a valid push down until Thursday. This was then followed by sideways price action on Friday, keeping our short bias still valid for the new week.
As a result, we are trading for the 2nd push to the downside.
Manipulation Points: Upper – 0.6836
USD/CHF
Analysis: As they say, ‘’the trend is your friend until the bend in the end’’. Simply put this means, trade what you see. This pair printed a clear push up on Friday. While the market has been grinding up slowly, it made no valid first push until now. So, we are trading for the 2nd push to the ups side.
Manipulation Points: Lower – 0.9931
USD/CAD
Analysis: This pair has been slowly grinding sideways lately. So, we would be looking for trades on both sides of the price.
Manipulation Points: Upper – 1.3117, Lower – 1.3055 & 1.3018.
USD/JPY
Analysis: Another range-bound price action; this pair has held this range for the past two weeks. So, we are taking a conservative approach by only trading the levels at the upper and lower bounds of the range.
Manipulation Points: Upper – 108.90, Lower – 108.06.
GBP/JPY
Analysis: There is an edging downside pressure on this pair and we already made the first push to the downside. So, we would be looking to trade for the 2nd push to the downside this week.
Manipulation Points: Upper – 139.75
EUR/GBP
Analysis: Another clear range-bound pair. This pair stayed range-bound for the whole of last week, so we would look to exploit this market condition by taking trades from both sides of the price.
Manipulation Points: Upper – 0.8693 & 0.8801, Lower – 0.8581
Important Disclaimer: At Day Trading Forex Live (DTFL), we have specific entry, exit, and trade management rules that are used for trading these levels. You should not blindly enter the levels without first doing your own research and ensuring you have a trading plan in place.
If you would like to learn more about the bank trading strategy, member’s community, and live training room, you can do so by Clicking Here.
Happy Trading
Sterling