Forex Pro – Forex Update: Waiting on US Data and Looking for a Breakout on EURUSD
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Starting here on the US Dollar versus the Swiss Franc [USDCHF]. We’ve been looking for opportunities to go long in the direction of our current momentum, which has been clearly bullish along the blue trend line. So, yesterday we saw the market push above. After the market opened, push above the 0.9750-level. As it dipped back down to that 0.9750-level, as it came back down into that support, looking for a buy and targeting the top of our long-term daily channel that we’ve been studying into the 0.9800-level.
You could see the trade going down here at the very bottom of the chart. There it is right there. 0.9757 was the entry. Currently sitting 28 pips of profit on the trade. Of course the trade manager is in play, taking advantage of the trade manager, locking in the stop loss into profit as it continues to move in our direction. Again, we’re targeting 0.9800 on the USDCHF.
Next, moving over to the US Dollar versus the Canadian Dollar [USDCAD]. You could see that going down here. 1.2880 was the buy. We saw it dipping down here, again, into the support zone, the orange-shaded area. So, a buy into 1.2880. A little bit more aggressive maybe than normal, but because oil prices have been on the rise, but definitely have an opportunity now. We’re sitting with 45 pips of profit from the orange-shaded area. Now looking for it to continue to pressure higher towards the 1.3000-level.
Of course US data today could change all of that, but definitely looking for the 1.3000-level as our target. If it can break above there, much more profit could be seen. If oil takes a significant rise again, we’ll probably look for this to turn back down. Of course we’re using the trade manager to manage the profit and the trade anyways, so we’re at break even or actually better than break even at the current moment. So, we’re locked into profit. Can’t lose on the trade. But definitely watching oil prices and the news coming up in about 25 minutes of the recording of this video.
Next, let’s head on over to the USDJPY. It was sitting on top of this orange-shaded area. Of course we’ve seen bullish momentum over the past couple of days. Really since the beginning of May we’ve seen more bullish than bearish momentum, so looking for a rise into the resistance zone, into the mid-109s. So, the market was sitting on top of 108.75. There’s the trade going down right here at 108.75. Sitting 74, 75 pips of profit at the current moment. I’ve seen a little bit more just a little while ago, but looking for the breakout above 109.75 and the continuation towards 110. We’ll watch the US data. Could send this back down again for the USDJPY.
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