Forex Trading Insights: Technical Analysis & Trade Idea Updates 11-7-23

Transcript

This week here is sure to be an eventful week as everything gets going. So here to start the week off here on Monday, we do have everything pretty much stagnant, pretty much starting off in the same range that it began this week in.

So with starting off on Sunday, today didn’t bring any surprises at all. We had here for the dollar, we had the dollar holding this 105 area and again we talked about that area last week, that area being a very key, very critical area that the dollar index would indeed need to hold and as of now it is holding that area. It has secured for the time being the minor quarter area off of the 105 area.

So that it is seeking to get some sort of, if you will, leverage. But again, all of its moving averages are above it on the daily chart. It does have a lot of support underneath it.

We talked about earlier today the support that it has underneath there at the 104 areas. So 104 mid and 104 low is where it’s going to have that support there. So we have again here 104 high here, 104 high mid and then 104 low here as far as for support for the dollar.

So again got a very nice bounce today off of this 105 area, that area that we said would indeed need to hold. And then we have here for the UC idea, we have this one lingering right here underneath 137. So just staying right here underneath 137 so that we can see this a bit more clearly.

So 137 here getting rejected. Then we have for the guid that is pulling back going into its news. So for this one, it does have news coming up later on this week and with the news it has for this week with Governor Bailey speaking, that news is sure to move the pound.

The pound also is sure to move when the US reports because of the fact that again the pound, the euro and the dollar are the strongest. And so with that it is definitely going to be movement taking place here once we get those reports coming out.

For this week, we do have for the EU again below the weekly open here again off of a rejection of the major quarter area here.

And then for the Australian dollar, we have this wild card area that could not support Price.

When price came down here and was seeking to get a hold here, it could not get a hold. So we do have it down for the week and having it below this wild card area.

The NU idea again, that one is down for the week. That one is getting rejection here off of that 60 cent area and off of that major Porter area. So we will continue to watch this one, again these moving averages because of this move that took place last week.

With this move this was an incredible move. And so because of that, this trade is exhausted. So we could either see this one pull back or we could see this one kind of just hold back, if you will, and allow us moving averages to catch up with it.

We have for the GJ idea, we have this pullback taking place here.

Again, trade idea still up for the week, still up above that wild card area. All of his moving averages are in sync as well.

We have for the EJ idea, again, all moving averages in sync.

Idea is consolidating here right underneath 161. It did miss 161 early when it pushed up, but again consolidating nicely at the top of this price action range we have here for the UJ idea, this one’s seeking to push up and to move back above that 50 today it got rejected.

It met the 50 and got rejected up to 50. So now it is just holding 150, its 20 P moving average. Also its 100 moving average and it’s 200 period moving average as well.

For the CJ ideal, we do have these moving averages moving back up here after a very nice move last week that had a slight pullback and continuation that occurred. For the AJ ideal. We do have these moving averages in sync.

And again, we have a very nice consolidation up here, very similar to this consolidation that we had that we have here for the EJ idea, where the price action is very tight here at the top of this range as well as now we look here to the NJ idea. So for the NJ idea, again, very nice tight range. Again sub 90.

So 90 would be the next area that we will be looking to see if price could make it there. But again, right now it is down for the week and it is constantly getting rejected. Three candles in a row getting rejected here.

And so we’ll continue to watch these and see how these unfold as the week continues on. Today we do have news for the Australian dollar and then tomorrow we have news for the New Zealand dollar. So we’re keeping our eye out for both of those as those reports prepare to come out so that we can trade those events.

So looking forward to this week and to the events and to the news that is coming out this week. And we will definitely keep you guys posted over inside Discord as we get these updates here throughout the week. Bye.