It was a slow week for me with a small GBPUSD gain Wednesday, that ran after we had closed the trade during some whipsaw action.

Today however the trading was very worthwhile. A GBPUSD short was taken early in the U.S. session overlap, risking 18 pips for a potential 55 pips to our daily target at 1.2323.

The S&P futures were indicating a move lower at the open. This coupled with value month end, which is typically associated with USD corporate buying.

The pair was a little slow to get going but made it all the way down to our target where we exited.

A second trade was taken 15 minutes later. A long was taken on the USDCAD risking 19 pips for a potential 50 pips to our daily target at 1.3716.

This pair moved quickly but missed our target by one pip 3 candles in a row and we gave back a few pips when it failed a fourth time.

The increasing number of confirmed virus infections in the U.S. is alarming and the headlines appear to be spooking equity investors.

The DXY has moved up for 3 days in a row and a close above 97.50 would be bullish going into the weekend.

Good luck with your trading, stay healthy and enjoy your weekend!

The USD has moved up four sessions in a row as the DXY attempts a close above 97.50.

The GBPUSD has moved lower this week particularly after the B.O.E. news yesterday. Brexit will continue to weigh on trader sentiment toward the pair through month end.

After the triple top early in the U.S. session overlap, a short was taken risking 24 pips for a potential 75 pips to our daily target at 1.2313. Price moved lower, made a slight retracement to our entry then continued lower. As price tested today’s earlier session low, it pushed lower and found buyers near the mid-figure area. The bounce upward closed our trade for an acceptable gain. The European close tends to be volatile so keeping a tight take profit is prudent.

Mondays tend to be a tricky day for trading. Keep an eye out for the latest reported new infections numbers as countries continue to re-open their economies.

Good luck with your trading and enjoy your weekend!

The AUDUSD started to move down today during the U.S. session overlap testing its Asian session low. The candle that tested the low left a long lower wick indicating buyers were entering at that level.

A glance at the DXY showed USD strength was increasing. As price began to push lower, an entry was taken risking 16 pips for a potential 78 pips to our daily target at .6836. Price plunged lower and closed well below its Asian session low. We locked in profit halfway down the large candle.

Price continued lower coming close to our target. I hesitate to get greedy especially after the European close but left the trade open. Price moved lower and our trade was closed at the target.

The coronavirus and its effect continues to be market moving and we know some days the market is more optimistic…other days more pessimistic. The very strong U.S. economic numbers today also helped the USD.

Good luck with your trading!

After falling precipitously since May 26th, the USD has bounced as equity markets recalibrate following Fed Chair Powell’s remarks on Wednesday.

The big question remains how economies will adjust following the pandemic coronavirus outbreak. Will reopening of economies as restrictions are eased result in a second wave of infections or not?

Today we shorted the GBPUSD risking 25 pips for a potential 67 pips to our daily target at 1.2519. After three lower highs the pair moved lower to test its Asian session low and then came very close to our target. The trade was closed at the U.K. close.

The moves today were quite uniform in the majors with the USDJPY looking a little left out.

Enjoy your weekend and good luck with your trading!

The USD continues to move lower and test its December 2019 low, but has not closed beneath it. Tomorrow, all eyes will be on Federal Reserve Chair Jerome Powell and how the market will react to his speech.

After the GBPUSD pulled back in the first half of the U.K. session, a long was taken in the U.S. session overlap risking 17 pips for a potential 64 pips to our daily target at 1.2728.

Price moved higher to test its Asian session low and continued higher to our target where we exited – protecting profit as it moved up.

The GBPUSD has closed for 3 days in a row above a technically significant level on the daily chart. This encourages GBP bulls to look toward a target in the 1.3000 area… particularly if any pullbacks to 1.2650 level hold the pair.

Good luck with your trading and enjoy the easing of the lock-down.

The USD has moved lower for 8 straight days.

Today with the ECB news, I chose to stay away from the EURUSD. The GBPUSD and AUDUSD had greater upside to our daily targets. The GBPUSD required an initial 25 pip stop loss for a potential 74 pips to our daily target at 1.2612. Both trades were very good.

After an initial move lower as the U.S. session got underway, the pairs reversed and a long was taken after the news in both the GBPUSD and AUDUSD. Both pairs moved in tandem and the EURUSD mirrored the move.

Price moved higher taking out its Asian session high, retested the level and proceeded higher to our target where we exited the trade.

If the USD continues to decline, the next test will be the December low, then the June 2019 low. Tomorrow if the NFP number is a major disappointment then we may see 96.34 on the DXY. I would be very surprised if by next week, we don’t see a bounce…even if short-lived.

Remember it’s never a good idea to fight the market.

Good luck with your trading!