Forex Trading Insights: Key Levels and Setups for Major Pairs 1-31-24

Transcript

Today was another day of indecision for the dollar as the dollar continued to trend around the 20 pair moving average and the weekly open. So, again, one of the things that we talked about earlier is that the dollar has this kind of upward resistance here at 103, 750 and then this lower resistance at 100.

And so in between these two minor quarters, price will remain until we talked about price remaining inside of these quarter levels until this news is released onWednesday. And once that news is released on Wednesday, that’s when we will see which direction this goes. And that all depends on what the Fed decides to do as it pertains to the rates.

And so that is what we have been waiting for, the dollar. And so we are awaiting the decision that is going to be made for the 5.5%, if that is going to remain or if it is going to be lowered.

And so what we see there and what we’ll get there is we also have the press conference that comes up afterwards, and that is going to be forward looking. And so with that press conference being forward looking, that’s what we’ll be able to understand as far as where the market should be headed next as it pertains to the Fed and what they’re going to do as it pertains to the rates.

We see for the UC idea.

We talked about today, how critical this 134 area is for it to hold. Again, this is dropping before the news has come out. But again, we don’t want to read into that too much.

Again, if you’re taking this trade, you just take it according to the trendline. So get to the top of the trend line, play the fade back down, get back to the top of the trend line.You can take that fade back down.

And so it’s just really been a technical trade until the news actually comes out.

We also see here, and we also have that, one of the things that we have here is we also have for the GU idea, again, this one’s down for the week. So it’s underneath the weekly open.

And it’s also underneath all of its shorter term moving averages, except for its 200 period moving average.

So that’s something that we talked about as well for the EU idea. We talked about that news that came in for it.

It was able to continue to hold on to its 20 period moving average.

We talked about the AU idea as well. It was underneath all of its moving averages as a result of that news.

But it was able to make its way back above its two shorter period moving averages and back above that trend line that we talked about.

And then we have, for the NewZealand dollar pair, as far as the New Zealand dollar up against the dollar, we do have this one up above its two lower period moving averages but underneath its two longer term moving averages. And those are in sync as far as in sync with bearishness.

So this idea looks to continue its trend. So we’ll see kind of how that comes into play.

We also see that the UJ idea here is also resting upon this major quarter level, which also happens to be where the 50 pair moving average is also.

So we’ll see kind of how this comes into play as it pertains to the news coming in tomorrow. So we’ll continue to keep our eye out on this idea and how this trade comes to take place. Th, and that’s what we have for these ideas.

If you guys have any questions on these ideas, please feel free to let me know. And I look forward to talking to you guys and taking these trade ideas with you guys tomorrow. Bye.