It is officially the first trading day of the year for me and as I sit down at my desk and glance over the charts, I can see a series of set ups that are busy forming.
The charts are indicative that the dollar is taking some strain when looking at some of the technical setups like usdzar, eurusd and audusd. The dollar showed crazy resilience in 2019 to remind us of how much money power lies behind the dollar, but just exactly how long will the dollar remain the rule of the roost?
Traders will proceed with caution this week as the nonfarm payrolls data will be released on Friday 10 January and it could be the first big move to "break the ice" so to speak. This means that the market could be low and slow but I will strongly follow my technical analysis and price action clues.
Let's have a look at a few charts I'm currently watching...
These charts are all on the daily time frame to give a better idea of what is going on in the bigger picture. Once the market reaches a level of interest I will flip to the 4 hourly time frame to find a signal for an entry from the said key levels. Until then it's the waiting game...
Analyzing the charts effectively requires a sharp skill set with solid trading rules and a plan. I approach and analyze each chart with the same set of principals to provide me with a clear view and direction in which I want to trade.
Learn how to trade using price action and find setups like these
Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.
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