To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=learn_trading&ad=74OzIyrJwxg Moving back over to the USDJPY. Again, we’ve been studying this black box. First off, blue trend line. We’ve been in a downtrend. Red trend bar. We’ve been in a downtrend momentum. So, downtrend has been what we’re looking at. However, we have held support significantly at the bottom of this black box. Let’s zoom it in two times. Look at that. The bottom of the black box. The purple-shaded area, 112.55, 112.80. At least the past four days holding support there. If it continues to hold that support and we get positive news today out of the US, that’s really going to be the name of the game today. If we can get some positive news out of the US today, we might look for some pullback, some reversal here for this currency pair. I’m trying to get this orange-shaded area pulled over without moving these lines around. Positive news. We’ve already bounced off the purple zone. A break through the orange-shaded area, which is right around the 113.40-level, we’re back towards this yellow zone, 114. A break of 114, maybe even a break of that blue trend line, we look for further pullback and reversal all the way back up here into the 115s again, top for this range inside the black box. So, significant barrier of support, the purple zone. It hasn’t broke through it. It’s challenged it a couple days, but hasn’t broken it here on the daily, so this could be the reversal point. We’ll keep an eye on it today with our news. Positive news out of the US sends this higher. Negative, we’ll finally break down through that purple zone and continue to go lower for the USDJPY. Moving over to the AUDUSD. We did a couple days ago get some significantly positive data out of Australia. Drove it higher into resistance. We’ve studied the blue-shaded area in the live Trade Room as resistance. 0.7670 up to 0.7695 is the blue zone. Yesterday it capped out there and has been falling back down. Positive data out of the US. Now, we did get positive news out of Australia, but today if we get positive data out of the US, I think we look for some further pullback, maybe back down here towards the purple-shaded area, the blue trend line, and the 0.7600-level. So, positive news, we’re dropping back down towards 0.7600. Negative, we may look for another charge or challenge of the blue-shaded area or maybe even the green zone as our ultimate resistance high that you could see over here on the left-hand side. Take a look back here to the left. We’re back into the mid-0.7700s if we get negative data out of the US. Negative data sends it back up towards the blue and the green. Positive, we’re back down here towards 0.7600 and challenging the support. Now, the question of course will be: are we going to just find temporary support at the purple zone and bounce back up or is it going to break through? I guess it depends on how positive that news is out of the US if it goes in that direction. Again, negative, we’d look for buying on dips or breaks of resistance if it gets negative news out of the US. Take it on down here to the NZDUSD. We have been going short on this currency pair for the past couple of days. NZDUSD. You could see it down here at the bottom. 0.7330. I’m still holding that trade here down at the bottom of the chart. 57. 60 pips of profit right now. I have locked in with the stop loss. You could see I have a hard stop loss at 0.7305, protecting the trade from going negative again. Positive news out of the US, we’re looking for this to go lower. We have been in an uptrend. Black trend line. Green trend bar. We have been in an uptrend, but let’s think about our fundamentals for the week. We had some negative news out of New Zealand earlier on in the week with higher unemployment. We had positive ADP. And if we get positive news today out of the US, I think we’re looking for this back to the green zone, if not some sort of push lower beyond the black trend line and maybe even a short-term reversal of the trend. So, that’s what I think we’re looking at here on the NZDUSD, so that’s why I’m holding through the trade now even through the news. https://www.youtube.com/watch?v=74OzIyrJwxg 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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