Forex Daily Trade Routine

The Weekly Report

SMART TRADING. SMART TRADERS

UPDATED: MON, MAR 08, 2021

This Weeks Coverage:

EURUSD, GBPUSD, AUDUSD, NZDUSD, DXY, DJI

#TRADEWITHTHEMARKET

EURUSD – Decline to Persist

The Euro’s uptrend has hit a roadblock with weak European fundamentals colliding with rallying US Treasury Bond Yields.

EURUSD Hourly Chart – Short Term Outlook

In the short term, we have Hourly resistance at 1.2015 but I personally think it will struggle to bounce back to 1.1950.

A breach of 1.1900 opens up a move towards 1.1750 this week.

EURUSD Daily Chart – Long Term Outlook

The Euro’s uptrend has hit a roadblock and it is now on the way back down towards 1.1550 after breaking Daily support at 1.2050. 

AUDUSD – Decline to Persist

The strong USD sentiment is dominating price action and has pushed the Aussie down through 0.7720 Daily support.

AUDUSD Hourly Chart – Short Term Outlook

In the short term, we have a ‘double-barrelled’ resistance level around 0.7740-50 level.

Keep an eye out for RBA Governor Lowe’s speech on Tuesday.

AUDUSD Daily Chart – Long Term Outlook

After breaking down through 0.7720 Daily support I’m expecting the Aussie to at least test the previous low at 0.7550. There’s a good chance for a deeper correction should the US CPI data come in strong this week.

Brad Gilbert

CEO & Founder of Traders4Traders – Brad has been trading for 30 years and was a former Chief FX Trader for Citibank. Brad trades all markets and all timezones.

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