A good day for Dean yesterday after he chose two FX pairs to have a careful look at. He was looking at shorts in the AUSUSD and longs in the USDCAD. Both yielded about 60 pips and a good start to the trading week. Thus we banked 60 pips out of the Forex Market on Monday 1st August 2016, first trading day of the month.
Dean's Daily FX Update – 02 August 2016
In today’s clip, Dean is starting to get interested in being short the EURUSD as the price approaches the 61.8 Fibonacci level. This is typically where the swing traders would start to get interested in this FX pair. The stochastics are looking over-bought and MACD is starting to flatten out.The AUSUSD and the NZDUSD have bounced a little since yesterday’s moves down and Dean is getting interested in being short these two FX pairs again. The Kiwi, in particular, is approaching some strong resistance that dates back to earlier in the year and Dean is looking for how the market reacts to this level.In the USDCAD, the market bounced nicely as Dean discussed in yesterday’s video and looks like it is starting the fizzle out a bit. The market is just above some major resistance which has been place since February and will be watching how price reacts around these levels.
The USDJPY has been a tricky one to predict over the last few weeks since Brexit. The Bank of Japan has been vocal about intervening in the market and Dean staying out for the moment. He will be more interested around the 100 level.
The rand (USDZAR) is the last pair in today’s FX rap. Dean expects there to be a bit of support around the 13.90 level to the dollar and we could see a bit of a bounce to 14.26 as the market tests some very strong, previous support.
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