To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=USqSmUphVc8 Take a look at that blue zone even here. Zoom it one more time on the daily. Look at this blue zone. There’s only been a few instances even in the recent couple of weeks where we got above the blue zone. For the most part, the market has continued to hold underneath that blue zone – 0.7680, 0.7695 – over the past several weeks. So, again, that’s another area that we’re interested in. We’ve seen resistance for the past year at the green zone. We’re seeing resistance at the blue zone for the past couple of weeks. So, again, a very difficult place to even consider going long because of all the history of this level as resistance. So, since yesterday, the trade you see going at the very bottom of my chart – 0.7680. I put that on yesterday and just been holding through it and waiting for the market to shift its momentum to go down towards, first off, the orange zone. Of course we know that that becomes a potential support. We’ve already seen it back here. And if it can break through that orange zone, then we’ll look for further movement lower. And of course all of today’s economic news and data could be the game changer here for this currency pair. If we get some good, positive numbers for the US on GDP and consumer confidence, we look for this to take a turn towards the orange zone or the purple zone or lower. If we get poor news out of GDP and consumer confidence, it may go up. We have seen of course over the past few weeks the market doesn’t do what you think it should do with the data that we get out of the US. Australian GDP data coming up at 7:30PM Eastern US time. Obviously good news for Australia sends this currency pair higher. Bad news may send it lower, and then of course we know that 9PM President Trump speaking could have a completely volatile effect on all of the US currency pairs. So, at least at this point, I’m selling the blue zone, looking to target the orange zone because we’re underneath the blue trend line and looking potentially for it to have some reversal back down to the purple zone, knowing all the while that the risk is a break back above the blue zone. Heads back to the green zone. And of course above the green zone changes everything for the AUDUSD. Moving down to the four-hour timeframe real quick. As we get down here, take a look at what’s been happening over the past 24 hours. We’ve been just sitting around and underneath that blue zone. Of course the risk. I have a 40-pip stop loss on the trade, so from 0.7680 that puts it at 0.7720. That’s just above this high from yesterday. If we put the cursor right on it, you could see that high is 0.7707, so I’ve got a little bit above that high, so in essence we just don’t want to see today. We don’t want to see it break above that blue zone. We want to see it stay under the blue zone. Target back to the orange zone, protecting profit as we can for the AUDUSD today. https://www.youtube.com/watch?v=USqSmUphVc8 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.
Visibility: 605
Duration: 6m 13s
Rating: 6