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=Ow4-QdRXURM Let’s take it on down to the GBPUSD. Of course two different really significant movements here. Of course the black trend line here showing us the longer-term trend. It’s been a downtrend, but we’ve seen significant volatility on this currency pair over the past several days really. You zoom it in. Last week, we saw the gap lower. The rally higher. The fall back down. The rally higher. So, this currency pair quite volatile over the past week. Really since last weekend. You could see it challenging higher today. 1.2420, 1.2400, top of the yellow-shaded area. We’re attempting to stay above that today. We’re at 1.2435 or so right now. If it can stay above the 1.2420 or so level, the yellow-shaded area, we might look for a continuation higher. Right now we’re challenging it. We need to see if it’s a real breakout, and then we look for it back up here towards 1.2480, 1.2500. Look back here, where the blue box is. See the blue box on the left, between the green and the yellow-shaded area. If it stays above the yellow zone, where does it go? The green zone. That’s what the blue box tells us back here on the left. So, we need it to satisfactorily break above the yellow-shaded area. Four-hour timeframe. Similar to the EURUSD, we are a little bit above that yellow-shaded area here on the four-hour timeframe for the GBPUSD. We’re sitting just above the 1.2420-level. Again, resistance here. Resistance here offering us a clue to support. So, if you’re looking for an opportunity today in the direction of our current momentum, I think you’re possibly looking for a buy scenario into 1.2400, 1.2420. The risk is of course a breakdown of that yellow zone, 1.2385. Looks for reversal once again here for this pair. So, clear area to watch for potential support and continuation higher here for the GBPUSD. Moving on over to the USDCAD. This is a tough currency pair right now because interesting enough, the USD, this currency pair shows USD strength against the CAD because we saw that significant rally higher for this currency pair, where we didn’t see it exactly on other currency pairs. We saw a little bit of USD strength last week when Fed Chair Yellen spoke on other currency pairs, but this one such a dramatic turnaround here for this currency pair. We’re challenging into the double blue trend lines. Remember those. We studied those back here on the left, where it was a rising trend for several months and we’re just stuck inside there right now. Let’s go ahead and zoom it back in. There’s the double blue trend lines. There’s the 100-period moving average. We’re waffling on either side of that right now. Black box is going to be interesting as we go down to the four-hour timeframe between the orange and the yellow-shaded area. Take a look at this. We currently are finding support at the yellow-shaded area. We’re currently finding resistance at the orange-shaded area. So, at one point in time, we’re going to look for either a break of the orange zone and a continuation of the upside here for the USDCAD or we’re going to see the breakdown of the yellow zone and we’re going to see reversal once again for the USD. Sell off of the USD sends this back lower. So, we’ll continue to watch for that. Right now we’re just kind of bouncing around between the yellow and the orange-shaded area. If you’re going to go short, if you’re looking to sell this currency pair, get as close as possible to this orange-shaded area. We’re looking at 1.3330 as an opportunity into the orange zone to go short in the direction of what was the longer-term bearish trend. So, that’s something to consider. However, momentum over the past week or so has been seriously bullish, so if you’re looking to go long, then you probably already missed the boat here at the yellow-shaded area. So, depends on how you’re looking at the USD. I know that a lot of people are thinking a little bit short for the USD right now, so that would likely look at the orange zone as your opportunity today for the USDCAD. https://www.youtube.com/watch?v=Ow4-QdRXURM 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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Duration: 15m 52s
Rating: 4