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AUDUSD & NFP

Morning traders,

Other than managing all our current trades, all Dynamic Traders should aside from the markets today as it is NFP. The forecast is for 175k new jobs creation. The chart we would like to show you is the Australian Dollar v US Dollar.

Our Advanced Get chart below is a daily representation of this commodity currency and shows clearly the price has recently pullback to the expected zone (green shaded area). This could be a rounded bottom chart pattern but time will tell. Stochastics had dipped into the oversold region but without a false bar (yellow) and subsequently moved back up but has not reached overbought with a false bar as yet. What we would like to see is for price to break the resistance zone (red dashed line) and Stochastics to form a false bar. Having this will provide our first set of confirmation after which we can implement our Dynamic Trader strategies and utilise our trading tools to enter this trade long.

However, if price continues to move down then we will look to take a short when appropriate. Any entry will be discussed for the members in the Trading Room as usual.

 

Good trend trading...

Javid Shaik

Dynamic Trader