USD Strength Rising Amid Trade Talk Progress – Nov 10th, 2019 Weekly Forex Analysis
We saw markets react to the somewhat positive news coming from the US and China in regard to potential tariff agreements. They both decided to rollback on the ongoing tariffs as part of phase one of the trade deal. This gave a boost to the dollar across the board as we saw the USD gain against all the majors.
In regards to the forex bank trading strategy, the EUR/USD complete a three-cycle push to the downside. This week we will continue to lean towards Dollar strength across the board until shown otherwise with a upward market cycle.
eur/usd
Analysis: This pair made the complete 3 pushes to the downside last week. So, we have to open up the bias moving into the new week, but we currently have no lower levels, so we are listing all the upper levels.
Manipulation Point/s: Upper – 1.1057
GBP/usd
Analysis: The pound has been in a downtrend for the whole of this last week but only made a valid first push to the downside on Thursday. So we would be trading for the second push in that same direction.
Manipulation Point/s: Upper – 1.2795 & 1.2837
AUD/usd
Analysis: Here, we had a double top form on Thursday, and it was followed by a clean 1st push to the downside on Friday. This is a classic example of how bias is created. Now we would be trading for the 2nd push to the downside.
Manipulation Point/s: Upper – 0.6869
usd/chf
Analysis: Continuing the bullish run for the dollar, here we also have had two clear pushes to the upside on Tuesday and Thursday. As Friday did not nullify the bias, we would be looking to trade for the 3rd push to the upside.
Manipulation Point/s: Lower – 0.9943
usd/cad
Analysis: The market here broke out of the range held for most of the week and made a valid 1st push to the upside. So we are looking to trade for the 2nd pushup in favor of the strong USD.
Manipulation Point/s: Lower – 1.3203
nzd/usd
Analysis: Here, the market broke out of the range on Friday, making a valid first push to the downside. So we are trading for the 2nd push to the downside.
Manipulation Point/s: Upper – 0.6344
eur/jpy
Analysis: We have a clear range-bound move on this pair. We will continue to trade with an open bias, looking to go long from lower manipulation points and short from upper levels.
Manipulation Point/s: Upper – 121.24 & 121.46 Lower – 120.15
eur/Gbp
Analysis: This Pair is still moving in the sideways price action, which it has held for weeks now. We would be keeping our bias open as we have done so far in anticipation of catching the possible reversals from the upper and lower bound of the range.
Manipulation Point/s: Upper – 0.8666 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.
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Happy Trading
Sterling