MORE THAN $800 PROFIT FROM AUD/NZD & EUR/NZD
Last week’s focus was mainly on the Australian Dollar and Canadian Dollar pairs, but the New Zealand Dollar trades worked out just fine. We closed off +73 pips on the AUD/NZD short, and EUR/NZD short is currently riding on a +89 pips profit on a risk-free ride (at the moment when we were writing this post).
Not every week we get to enjoy spectacular returns from the market, but we’re not complaining. After all as traders, trade and take what the market provide us on a daily or weekly basis.
If you have joined us in one of our free weekly profitable trades sharing session and traded on a lot size together with us, you would have pocketed a cool $730 profits, with a $890 running profits.
For this week, our focus is on Thursday European Central Bank (ECB) Monetary Policy Meeting Minutes, and here are few setups that are on our radar.
We spotted two similar setup on EUR/USD and EUR/CAD. For these two Euro pairs, we are looking to short the EUR around 1.2368 and 1.5369 respectively. Any dovish sentiment from ECB this Thursday will give us the conviction to take the setups.
On the other hand, should the meeting minutes on Thursday be hawkish, we will be focusing on EUR/AUD for a buy setup at 1.5329.
160 PIPS PROFIT LAST WEEK
One trade hit our take profit target, with the other trade running risk free at the moment.
AUD/NZD completed a 3-wave structure in confluence with a completed Bat pattern at the larger timeframe down trend line structure around 1.0996. This gave us a good reason to take a short trade, targeting 1.0923.
After an impulsive move to the downside on EUR/NZD, price started to correct in a 3-wave structure towards the 50% fibonacci retracement level at 1.6827. This gave us the reason to look for at least one more move to the downside targeting 1.6608 level; and hence we shorted.
USD AND NFP IN FOCUS NEXT WEEK
The US Dollar has been falling since the start of 2017, and even for most of January in 2018. Many banks are calling for a continue weakening in the US Dollar for the rest of 2018, riding on the down trend established since last year.
However, our analysis tells us otherwise. While we currently still do not have a fundamental catalyst to tilt the Dollar to the upside, we are seeing the downside for Dollar to be limited. In fact, there is a fair chance we will see a deep retracement, if not a reversal in the Dollar soon.
The Non-Farm Payroll (NFP) is set to be released next Friday. While this data alone wouldn’t be suffice to tip the dollar to the upside, such risk events do provide us with opportunities to trade and profit from the market.
Join us this coming Monday, 29th January, from 7.30pm to 9.30pm to find out how we will be trading and profiting from the US Dollar.