30th November Market Analysis

Today Trade Plan

Best Opportunity

  • Sell GBP on BoE dovishness.
  • Sell CHF on SNB interest in weaker franc.
  • Sell EUR on ECB QE programme.
  • Sell CAD on fundamental weakness, with a potential that BoC might cut rate.
  • Buy USD on FED rate hike.
  • Buy AUD as carry trade and potential risk-on sentiment in the market.

Best Price

EURUSD broke below 1.0600 last week. A retest of the 1.0600 even handle would present good shorting opportunity. Another level to watch is at 1.0630 resistance level which confluence with a 88.6 retracement level.

EP @ 1.0600 | 1.0630
SL @ 1.0660
TP @ Open

EURUSD_M15

GBPUSD is currently trading at 1.5030. Price has broken below previous support level. A retracement to 1.5060 and 1.5080 would present good shorting opportunity with the underlying dovishness from BoE.

EP @ 1.5060 | 1.5080
SL @ 1.5110
TP @ Open

GBPUSD_M15

As writing this, USDCAD traded higher, and is now at 1.3380. Both 1.3345 and 1.3315 presents good level to long this pair.

EP @ 1.3345 | 1.3315
SL @ 1.3270
TP @ Open

USDCAD_M15

EURAUD is currently retracing from its recent drop. 1.4800 level presents a decent resistance level confluences with the 88.6 fibonacci level.

EP @ 1.4800
SL @ 1.4845
TP @ Open

EURAUD_H1

GBPAUD is very similar to EURAUD. 2.1000 level presents a decent resistance level confluences with the 61.8 fibonacci level.

EP @ 2.1000
SL @ 2.1140
TP @ Open

GBPAUD_H1

Trade Management

As long as price moves in favour, start to trail the stops. Should trades are already profitable before the news events, prepare to exit partial or full positions.

Monitor closely any updates on the news events, and whether there is any changes in the underlying fundamentals and sentiment.

Won't your trader friends like this?
Kar Yong
About the Author
A self-taught trader, Kar Yong was interviewed in Channel News Asia’s Money Mind Young Investor and featured as Social Guru on eToro social trading platform in 2013. He founded FX Pipsology in 2014, a platform dedicated to people with similar interest in forex trading. At present, Kar Yong is also a teacher and mentor to many. [space height="20"] [social type="facebook"]https://www.facebook.com/fxpipsology[/social] [social type="youtube"]https://www.youtube.com/channel/UCjsEg0JoKjwQF7X7dN8MHkQ[/social]

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