The next area that I would consider getting long is down at the 1.1060s area. We’ve got price action holding support there 4 times in the past two months as well as some between a and a 61.8 retracement. Obviously I’m not placing an aggressive limit order there like I would with an but that’s where I’ll be looking for entry reasons.
At 8:30am New time we have US Final GDP coming out. I think this is going to be big. We all know the story by now about interest rate hikes and overall condition of the economy. Well there’s no better release is there. Yesterday the USD had a bad number, yet shook it off and still gained. This causes me to think that the overall sentiment in the market is still the USD which means the market should be primed to jump all over a good GDP and ignore a poor one (talking about after the initial dust has settled).
My only short option at the moment (aside from intraday trading) is to wait for a push back up to 1.1300 level. We’ve got a 61.8 and some previous structure up there, but my reversal zone would be rather large which is why I’m not too interested for today. I’d like to see what price action does up there first. We may also be setting up a smaller (1hr) right below a minor structure level at 1.1260’s which is worth keeping an eye on for you Lower Timeframe traders.
We’ll see what the market has in store for us, but certainly keep an eye out for 8:30am NY.
Other trades on my radar are the AUDCAD and the AUDUSD
Chief Currency Analyst at http://www.TradeEmpowered.com
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