Live: Keep an eye on the news

by Ashley DeSousa | Feb 21, 2024 | Forex Analysis

Fundamental

Live: Keep an eye on the news

In today’s webinar Thinus and I went through the possible setups for the week ahead. Long-term M2, short-term trades, and also Earth and Sky.

The DXY is in an uptrend but we are still getting consolidation happening again. There are some speeches from the FED tomorrow so maybe that might act as a catalyst.

I also showed you some trade ideas on the shorter timeframes. Some of these pairs have news coming out this week which makes them tricky. But I showed you how to still trade certain ones if they meet the rules using the daily range calculator.

For example, the CAD CPI news is out today but looking at CADJPY as a setup, I’m looking to long at 110.700 for multiple reasons. It is currently 70 pips away from my entry. The daily range is 73 pips, I have a 4HR trendline, previous strong support, and resistance. All are explained in the video.

I’m currently in the EURUSD, the news is out on Thursday so I’m happy to live that trade on. However, if it stays near my entry before the news I will close the trade as I don’t want to risk it. If it’s in profit then I will take some off, move my stop loss closer, and leave the trade to run. In that way, I have taken some risk off the table.

Elsewhere, AUDUSD looks bearish to me not just technically, but also fundamentally. There is news out of China that Iron ore demand will possibly slow down. The futures market are already pricing this in and Iron ore has dropped 4% for the past couple of days. Iron Ore makes up 40% of Australia’s GDP and also their main export is to China. So if China has low demand for it, it will reduce the price of Iron Ore, eventually dragging the AUD down with it.

Iron Ore and Copper Decline as Demand Doubts Persist in China

There was also news this morning of RBA hinting at a possible rate hike in the coming months because of sticky inflation.

RBA considering rate hike

You can watch the full webinar below:

Kind regards,

Ashley

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