To Get Ross' Free Forex Trade Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_trading_strategies&ad=U5IKj07k42U Starting here on the Greater British Pound versus the US Dollar [GBPUSD], we’ve been studying this long-term trend channel. You could see the red trend line at the top. The black trendline at the bottom. And of course over the past few days, we have been challenging and testing the top of that trend channel towards the red trend line. We could see multiple challenges along each of those times where you see the red circle. You see four and now the fifth time challenging that zone and so far a failure to breakout and continue to pressure higher. So, that gives us some expectation. If the pattern of the trend continues, we’re looking for some resistance and clues to reversal for this to take this on back down again. As we could see, that’s the pattern of the trend. Of course fundamentally, with our interest rate news tomorrow, if they indeed do change the interest rates, that should be a boost for the US dollar and that would likely send this back lower again. Of course the risk there is that they don’t change the interest rates and there’s a sell off of the US dollar and it turns back higher and breaks through there, but if you’re using appropriate risk strategies that shouldn’t be a problem. Let’s go ahead and take this down to the four-hour timeframe. Right here on the right-hand side, where the red circle is, we could see a couple of times coming into here as resistance into this orange-shaded area. I’m going to see if I can get this red circle selected here, so I can widen it out just a little bit, so we could see the fact that we have come up into this orange-shaded area. The first time, second time, and third time. The second time making a little bit of an attempt. It was a failed breakout, and then we see it pushing back in underneath. So, it was a fail to move higher and now we’re back underneath. We could even interpret this as a head and shoulders pattern with the shoulder on the left-hand side of the high and the shoulder on the right-hand side of the high, which would be the head level, and we could interpret this as a head and shoulders pattern. Potential failure of breaking out of the trend line and we would then look for it to continue to pressure lower down from there. So, you could see the orange-shaded area – 1.5175 to 1.5200 – is the main area that you want to focus in on as your potential selling opportunities for the GBPUSD. I’m in it at 1.5175. Of course we have locked break even or better. Can’t lose on the trade at this point, but definitely watching for new opportunities. We would like to see it break down underneath the blue-shaded area, which is currently acting as our support zone. That would be your first target, by the way, if you are in that trade, into the 1.5125-level. Let’s go ahead and zoom it in one more time. Measure from the orange-shaded area, where we got in – 1.5175 – to the bottom of today’s candle. You could see we’ve seen about 40 pips of profit on the trade. So, we’ve seen about 40 pips of profit. It’s come back up a little bit. We’re definitely targeting back down here towards the blue zone and of course beyond there, we’ll look for lower for the GBPUSD. Another trade that we’ve been following is the Australian Dollar versus the US Dollar [AUDUSD]. Here, again, if we go out to the weekly timeframe, we could see the long-term downtrend. We could see the red trend line down here at the bottom, signifying somewhat of a triangle-shaped pattern here for the AUDUSD https://www.youtube.com/watch?v=U5IKj07k42U 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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