To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_pro&ad=oCTCojPOOVg Take it down to the four-hour timeframe. There’s the fall. There’s the profit we’ve been seeing on the way down. We actually sold it up here at the pink-shaded area and another opportunity to sell it at the orange-shaded area, so it’s been a profitable currency pair over the past couple of weeks. You could see the congestion, the hesitation down here between the green and the purple zone. Again, I don’t think I’m willing to dive back into this prior to the Fed rate statement later today, but if it’s positive for the US, we could be looking for a breakdown of that range and a continuation of the downtrend. If it’s negative, maybe some pullback and turnaround here for this currency pair to turn back higher once again for the GBPUSD. USDCAD. We’ve been following this currency pair at the top of this black box and the range and into resistance. You see the blue box here at the top. Resistance. The red box over here. Resistance. We’ve been studying that, noting the fact that you really didn’t want to buy it at the highest high. So, if you didn’t do that, good news. It’s now turned back lower into the 1.3150-level and the supports that we’ve seen. Look at all these circles. You see resistance where all these circles are. That’s acting as our support at 1.3150 to 1.3120. We also see a little bit of a jump in oil over the past day or so. Oil has risen a little bit, so that often causes the USDCAD to go down. There’s an inverse correlation between oil prices and the USDCAD. So, when oil goes up, this goes down, and that’s what we’ve seen over the past 24 hours. Take it down to the four-hour timeframe. There it is right there, making that fall back under the orange zone, down to the yellow zone. Again, we’ve been kind of stuck between the green, orange, and yellow zone over the past few days. Positive news out of the US with FOMC, we look for support here. The potential is that we break the green zone and continue the uptrend here for the USDCAD. That’s if we get positive news. If it’s negative sentiment after FOMC, a breakdown of this yellow zone and a turn back down towards the pink zone is very possible for the USDCAD. Pushing over to the USDJPY. As expected, high volatility on BOJ. Let’s talk about this real quick. The long-term trend is down. Yesterday, in the Trade Room, I mentioned the fact that if you’re going to trade this currency pair, probably go with the path of lease resistance. Over the past several months, has been the downtrend, and you could see the downtrend here. So, if we go down to the four-hour timeframe, you talk about the path of least resistance and the direction for this currency pair. https://www.youtube.com/watch?v=oCTCojPOOVg Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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