In today’s live session we went through the news releases we have had so far, We then looked at the M2 and Pierre’s E&S setups to conclude.
At the start, I also shared a critical phrase that most traders are unaware of. Furthermore I have shown you how USDYEN correlates with commodities and bonds.
Australian Dollar
I then went on to explain the RBA statement and the points they mentioned as they raised the interest rate by 50 bps instead of 25.
The labor market is very strong and they have had the lowest unemployment rate in 50 years.
Also, they added the economy is growing. All of these points are positive for the AUD.
United Kingdom
In the UK Boris went through a no confidence vote in the house of parliament yesterday.
We saw the GBP rise yesterday against most pairs as most people were expecting him to win the votes.
Which he did by a significant amount, 211 to 148 but 40% of Tory MPs fail to back him.
The conservatives probably don’t see anyone else better to take his place for now but decide in the next election which is on May 2, 2024.
USD YEN and the 10 year bonds
I also showed you that the USDYEN and 10 year bond have a negative correlation. So when the yields are going up the Yen weakens.
And when the yields rate goes down the Yen strengthens.
The same applies to oil, when OIL goes up YEN weakens. Japan is a net importer of energy so hit energy prices tend to weaken the JPY.
AUDUSD: short at 0.72780 for multiple reasons. One my forward got triggered on Friday and is currently 70 pips in profit. I hadn’t cancelled it as the setup was good. I took profit at 73 pips on Monday night as there was AUD statement on Monday morning.
EURGBP: You could short it at 0.85820, but just be careful, I would watch and see what it does on Monday as the weekly candle closed with a strong bull momentum. If it breaks above the EMAs I will start looking for longs.
USDCAD: First area to short at 1.26730 and then 1.28080
USDCHF: Long at 0.94750 and 0.94560
NZDCHF: Short on the 4HR at 0.62900 for multiple reasons.
AUDCAD: short again at 0.92142 for multiple reasons.
GBNZD: 1.93500 on the 4HR A grade short for me.
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You can find the full live session below. I go into analysing the pairs around 10.30 minutes into the video:
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