With the tragic events surrounding the war going on now, I wanted to use this week to try and give you a better explanation of what’s happening to the commodity based economies. We have seen increased prices in for example Gold, Oil & Iron Ore in recent weeks.
Let’s break this down a little bit…
Commodities
-When we speak about the commodity economies we are typically referring to the AUD and CAD. Two countries, who’s currencies we trade and that also produce a lot of certain commodities. The health of their economies are dependent on these prices and higher prices on these commodities generally means a stronger currency.
The uncertainty the war creates and in certain instances the increased demand has resulted in much higher commodity prices across the board which in turn has resulted in a much stronger AUD and a generally stronger CAD. To get a better understanding of exactly what commodities each of these countries produce, use this great site –https://oec.world/en/profile/country/aus/#trade-products
I’ll go over this in more detail in Tuesdays live session, but until then, make a note of this weeks red flag news- https://www.forexfactory.com/calendar The big event of the week being inflation news from the USA on Thursday.
Good luck for the trading week and see you on Tuesday!
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MAJORS
EUR/USD: Area I’d consider a short 1.3120
USD/CHF: Too messy for me. You have two safe havens counterbalancing each other.
GBP/USD: Area to consider a short from is 1.3380
AUD/USD: I’m considering a long from 0.7350 and if it breaks lower 0.7320. Also a possibility to split your entry (see video)
NZD/USD: Area to consider a short is 0.6860
USD/JPY: Same scenario as USD/CHF, too messy for me.
USD/CAD: Looking to long from 1.2420 and to short from 1.2890
CROSSES
EUR/GBP: Swing traders could consider 0.8210. I’d like to short form 0.8590
AUD/JPY: Long from 83.50
EUR/JPY: Short from 126.60. On the 4H chart, 128.00 looks interesting.
EUR/NZD: Short from 1.6700
AUD/NZD: Area that looks good for a long is 1.0700
GBP/CAD: If it gets to 1.7100 I’d look to short.
AUD/CHF: New member Chris’ idea , but it’s a very well thought out idea, is a long from 0.6720
As always, remember correlation!
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
Watch the video below for more detailed explanations of this week’s analysis and trade plan:
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