USD strength came into play over the last few days as highlighted in the previous post. The dollar has started to stall and we are not seeing much movement with it right now as we consolidate. Tomorrow (17/03) the FED is releasing the interest rate decision along with other high impact fundamentals. Because of this we could see further sideways movement until this is released. We are hoping bullish sentiment comes out of this to further push the dollar up. Tomorrow could cause a lot of volatility in the markets so make sure you trade with caution.
The EURO has seen pullbacks across the board, with EUR/USD hitting lows of 1.1835 last week. However, since then we have had a pull back to 1.19892, just over 150 pips, with the undecisive dollar being a contributing factor to this. We are anticipating further downside on the EURO overall – however if the comments from the FED have a bearish tone with the dollar then this could gain some strength.
Our views on GBP, AUD and NZD are the same as the previous post.
GOLD is seeing a nice healthy pullback. We made a low of 1678 and have now pulled back to 1741. Further downside is expected with this, and we will be watching around 1760 to continue adding to our short positions on this. With our current bullish view on the dollar, it makes sense for GOLD to come down. Further downside is expected with this, and we will be watching around 1760 to continue adding to our short positions. With our current bullish view on the dollar, it makes sense for GOLD to come down. We will be watching this closely.
BITCOIN has seen a nice push up as we had anticipated. We pushed up and made a new ATH of 62k. As mentioned in the previous post, we were looking for a nice pullback before we push up to our targets of 70k. After hitting 62K, we have pulled back to 53k. Further upside is expected from here and we are actively looking for long positions using the BSAPPSFX strategy.
RECAP – Potential Set Ups: AUD/CAD
AUDCAD – 4HR Chart (Posted on 09/03)
AUDCAD – 4HR Chart
AUDCAD was an amazing setup shared in the previous post. We pushed up perfectly into our area of interest then melted over 160 pips! The setup was predicted utilising the BSAPPSFX Strategy.
Potential Set Ups: GBP/CAD
GBPCAD- 4HR Chart
GBPCAD- Daily Chart
We are watching GBP/CAD closely for short positions. We have an area of interest between 1.74 and 1.7460 for continued shorts on this pair. The CAD across the board is very strong, and if we can see this continue then this could be a very nice short down to our target of 1.71355.
Written by Aqil – Senior Analyst