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After starting the week off on a bearish note, the US Dollar Index is up 0.72% for the day with more upside on the way. This should provide short opportunities for the Forex majors next week. Typically huge movements in the Dollar are seen after the Non-Farm Payroll (NFP) release on the first Fridays of each month. Today, there was no high-impact news and the Dollar has created a new for the week. With the Dollar back in the daily range, traders can expect the index to reach ...the range high at 91.400. As a result, traders can expect the Forex majors such as EURUSD or GBPUSD to drop next week. Both pairs have dropped 0.78% and 0.91% today as both pairs make their way to hourly support. If the Dollar can stay bullish throughout the weekend, traders can look to short both these pairs among others. This week had a wide variety of news ranging from monetary policy to GDP. Whether these events cause favorable trading conditions is hit and miss as sometimes you may have increased price movement and other times it's fairly consolidated. Next week should have far more price action for traders to trade. Read more here: https://www.forexlens.com//dxy-bulls-take-charge-major-sh/ #dxy #eurusd #gbpusd #forexsignals #priceaction #smartmoney #daytrading

We will be streaming LIVE in 30 mins on Discord with our Supply & Demand trader! Be sure to tune in and pick up some concepts that you could use with your trading! #SupplyandDemand #forextrader #forexcanada #forextrading

After retesting and rejecting the previous low of 90.700, the US Dollar Index (DXY) is set to head lower. As a result, the majors, as well as commodities like Gold and Ethereum, should gain on the Dollar. Although the US Dollar is headed lower as expected, price is moving in a sideways fashion. This is ultimately dragging on the inevitable visit to 90.000. Today price was able to muster up enough bullish power to retest 90.700, but bears were able to reject this level. This h...ints at further Dollar weakness in the coming days. Forex majors such as EURUSD are already starting to revert to the upside as Dollar bulls die down. In addition, Gold is looking to attempt a range fill to the top of the daily range near 1796. Ethereum continues to push higher with the key 3000 psychological level as being a near-term target. With the Dollar moving in a sideways fashion, this week was fairly lackluster in terms of trending setups. There was a fair share of fundamental news as well, but often this news can lead to long bouts of consolidation before any major moves. Next week should be far more impressive in terms of volatility. Read more here: https://www.forexlens.com//gold-and-ethereum-longs-with-d/ #dxy #eurusd #xauusd #bitcoin #eth #priceaction #forex #smartmoney

Today's FOMC press conference was fairly similar to the previous one where Fed Jerome Powell reiterated the dire situation due to the pandemic. With this briefing, the Dollar has pushed past below this week's low. Powell did say the economy improved but there are no thoughts at this time to weaken the current stimulus. Powell said the Fed will use all available tools to stabilize the economy and the current job market. The pandemic is bringing hardship among the majority of A...mericans which won't be easing up any time soon. The US Dollar Index has made a new low for the quarter as the price has successfully breached the low of the month. The next target for the index is the psychological level at 90.000. With further bearishness rightfully expected, longs for the Forex majors and Gold are to be eyed by traders. Tomorrow is the US GDP release and forecasts have it at 6.8% which is a considerable bump from the previous result of 4.3%. If this forecast is correct, the Dollar may find some support. A bearish result would otherwise fast-track the visit to 90.000. Read more here: https://www.forexlens.com//fed-keeps-stimulus-unchanged-d/ #dxy #fomc #eurusd #gbpusd #xauusd #priceaction #forex #smartmoney

In today's live trading session, we provided updates about the ongoing election and its effects on the Forex markets. Even two days after election day, the United States has yet to crown a new president. As it stands right now, Joe Biden has 264 of the required 270 electoral votes to win. Trump is behind with 214, although, he has a lead in some key states. Biden is favored to win Nevada, and if he is successful, he will get the last 6 remaining votes. He currently stands as ...the favorite to win the 2020 election. As we have discussed for the past few days, a Biden win will lead to a weaker US Dollar. This morning, the US Dollar Index (DXY) has continued its selloff to 92.70. Majors such as EURUSD and AUDUSD have cleared highs made this week and are on their way to creating a new uptrend. Gold has thrived due to the likely Biden victory as well as the ongoing uncertainty. We expect Gold to achieve 1970 by the end of the week. As the US Election continues to move on, we cannot forget about the Non-Farm Payroll release tomorrow morning. Ideally, we would like the election to be done today so that we can go into next week with more clarity. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//forex-us-election-analysis-bid/ #forex #uselection #uselection2020 #dxy #xauusd #eurusd #NFP

In today's live trading session, we went over the ongoing presidential election and the reactions that have occurred in the Forex market. Unfortunately, a winner of the US election has not been crowned yet. It is still a tight race between Donald Trump and Joe Biden. Yesterday, Trump had most of the momentum and it was apparent in the markets. The US Dollar was able to surge back to this week's high of 94.30. However, things shifted quickly after midnight. Joe Biden gained mo...mentum, which consequently led to the Dollar coming back down to yesterday's lows. Based on the continued selling of the Dollar, we believe that markets are forecasting a Biden win. This will translate to possible short term long opportunities for the majors. There are three pairs which we have our eyes on. They are EURUSD, AUDUSD, and XAUUSD (Gold). We believe all three showcase promising buy setups if price can validate our entry criteria. It is still uncertain whether a winner will be crowned today, tomorrow, or even next week. Based on the rapid movements seen in DXY thus far, we believe it's prudent that we all sit on our hands until this is all over. We also have the Non-Farm Payroll release this Friday, so our hands are tied this week. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//forex-markets-await-us-electio/ #forex #uselection #dxy #eurusd #us30 #sp500 #priceaction

In today’s live trading session, we went over how the Forex market may react during today’s US Election. Voters that haven’t voted yet are out and are getting their ballots in. The first round of results won’t be known until around 7:00 PM EST. Despite the uncertainty, the Forex markets may have provided us a hint. This morning the US Dollar Index (DXY) plunged 0.84% to the downside. We know that a Biden victory may lead to a weaker Dollar in the short term, so maybe this mor...ning’s selloff was a hint from Wall Street? The Forex markets were surging with volatility this morning and it will only get more intense as we approach the evening. A Biden win will most likely send many of the majors like EURUSD and AUDUSD higher. A Trump win, may bring the majors down. As for commodities, both Gold and US Oil look to go higher as they have already made sizeable gains against the Dollar. Today is certainly one of those days where being a spectator is better than being a participant in the markets. We will be watching from the sidelines as Elections can be very tricky to predict. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//us-election-day-how-will-the-f/ #uselection #priceaction #forex #tradingblog #dxy #us30 #xauusd

In today's live trading session, we gave our insight into how tomorrow's US Election will affect the Forex market. Although national polls show Joe Biden as the favorite to win the election, many speculators are giving Donald Trump a punchers chance. We believe that if Biden wins the election, the US Dollar will weaken, Gold will rise and stocks will slip. We say this because the Democratic party is looking to pass a huge stimulus bill. On the other hand, if Trump wins, we se...e a stronger US Dollar, weaker Gold, and a robust stock market. Both these reactions are for the short term. As for the long term, we are bullish for the US Dollar irrespective of who holds the office. In addition to an Election, this week also contains monetary policy statements from several nations as well as the all-important Non-Farm Payroll release. We expect Japan, the United Kingdom, and the United States to keep their monetary policy as is. The Forex market will still react to these statements. As for the NFP release, the predictions are mixed as fewer jobs were added, but unemployment is expected to drop to 7.6%. Virtually every single day of this week has at least three high impact news events. It is understandable why many traders are opting to not trade this week. We share a similar stand, although, we do have some setups that are looking quite promising. It's always best to learn from the mistakes of others, so let's spectate from the sidelines. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//forex-us-election-prediction-a/ #forex #forexprofits #uselection #dxy #us30 #eurusd #gold

In today's live trading session, we went over possible trade setups for NZDCAD and AUDJPY. We then discussed the fakeouts that are occurring in the major currency pairs. This morning the DXY surged 0.50% to the upside without any clear indication or reason for the move. This deliberate move may have been manipulation done in order to trap traders into USD longs. In today's session, we noticed many of the majors presented price action that can fool beginners into taking early ...shorts. As disciplined traders, we will wait for today's daily closure before entering the majors. While we wait for the majors, we have found some promising setups for the minor currency pairs. The first trade is a potential swing long for NZDCAD. We are looking to enter this trade if price action can clear last week's high. The other trade is an intraday short for AUDJPY. This trade will take advantage of the recent Aussie weakness as well as the bearish unemployment data that is set to be released tomorrow. Since yesterday was Thanksgiving, today is technically the 'first' day of trading. We have already seen pairs move a considerable amount and we will be cautious of any potential fakeouts. Let's have a great trading week. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//nzdcad-and-audjpy-trade-ideas-/ #forex #nzdcad #audjpy #forexsignals #forextrader #daytrading #priceaction

In today's live trading session, we went over the status of our current and pending trade setups. We then went over trade setups for NZDCAD and CADJPY. In yesterday's session, we covered the lack of movement in the DXY, and that we were shifting our focus on to trading the minor currency pairs. But, we also have to remember that the major currency pairs often dictate where the minor currency pairs go. Therefore, both the majors and minors are being affected by the indecisive ...DXY. Luckily, we were able enter a promising short trade idea for EURNZD. As for further trades to take, we have identified two more promising setups. One is a long for CADJPY and the other is a short for NZDCAD. Both these setups are taking advantage of the bullish Loonie as well as bullish unemployment data that is set to release tomorrow. Since we are trading with the trend, we are confident that both setups will lead to favorable results. When the markets are being as indecisive as they are, it is best to stay true to your trading strategy and what has worked for you thus far. It is never okay to bend certain rules in order to gain entry into a trade. Trust us, that is a bad habit to develop and an even worse habit to get rid of. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//cadjpy-long-and-nzdcad-short-t/ #forex #nzdcad #cadjpy #eurusd #forexsignals #eurnzd #forexsignals

In today's live trading session, we went over the status of our pending trades, and then we identified trades for EURNZD and CADJPY. To not much of our surprise, the US Dollar Index (DXY) has yet to move from 93.30. The consolidation has trickled down to EURUSD, GBPUSD, and some of the majors who have yet to find a direction. An indecisive DXY usually leads to a harder and more stressful trading week. This is why we have shifted our focus to the minor currency pairs. We first... found an intraday short for EURNZD, which could bring a return of up to +240 pips. We will first wait for rejection on the 4hr time frame to confirm our bias and then take the trade setup which was a 4.0 risk to reward ratio. Another trade we found was for CADJPY. This pair has the potential to make a strong rally to the upside with a target of August's high. To reiterate our mindset in the Forex Trading Room, we want to be snipers in the market and not machine guns. We want to wait for the perfect trade opportunity and execute with confidence when it presents itself. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//eurnzd-intraday-setup-cadjpy-l/ #forex #forexsignals #eurusd #usdollar #dxy #eurnzd #cadjpy

In today's live trading session, we went over the various scenarios pertaining to the US Election and the US Dollar Index (DXY). The US Election is four days away and the world as well as the financial markets are anxious to see who wins. Based on our analysis and analysis done by JP Morgan, we believe that if Trump wins, the DXY will show an immediate push to the upside. Alternatively, if Biden wins, we may see a short-term selloff, before the price starts to head higher. Ei...ther way, technically and fundamentally, we predict a bullish US Dollar for the rest of 2020. Based on our bullish bias for the US Dollar, we have devised some promising swing setups for the major currency pairs. There are three that stand out the most to us. They are all short setups for EURUSD, AUDUSD, and XAUUSD (Gold). All three have price action that mirrors each other and would be the pairs that deteriorate the most against the US Dollar. After the election, we will make adjustments to our bias, if need be. Not only do we have the election next week, but we also have the Non-Farm Payroll release. You can see why it may not be the best week to trade, or at least trade actively. We will be sure to not force any trades next week until we know market conditions are safe to trade in. Have a great weekend! Watch the session here: https://www.forexlens.com//forex-us-dollar-election-predi/ #forex #forexprofits #uselection #usdollar #dxy #eurusd #xauusd

In today's live trading session, we went over the current status of our pending trade setups, and then we discussed a possible head and shoulders for NZDCAD. The US Dollar Index (DXY) has yet to move from support at 93.40. The Dollar is stuck in the same spot as it was during yesterday's live session. Due to this, our trade setups for EURUSD and GBPUSD are still pending. As traders, we know by now that when the DXY is consolidated, it is best to sit on our hands. It is not wo...rth forcing trades, just to hold them in drawdown. Despite the lack of movement in the DXY, we have found a potential trade idea for NZDCAD. Based on the weekly timeframe, this pair indicates a possible long to quarterly highs. But, an inspection of the daily timeframe presents us with a possible head and shoulders pattern. At the moment, the right shoulder is being formed. If price can break the neckline, we may have a high probability trade to the downside. Tomorrow we have the FOMC meeting minutes were the Fed will preview the monetary policy that will be described at the next FOMC press conference. We may see some movement in the markets as a result, so we advise everyone to be careful during that time. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//dxy-and-nzdcad-head-and-should/ #forex #forexsignals #priceaction #smartmoney #fomc #eurusd #gbpusd

In today's live trading session, we determined our bias for the US Dollar Index (DXY), and then we found trade setups for EURUSD and GBPUSD. This morning we saw the DXY slip 0.38% to the downside and then hit the key level of 93.40. At this point, we do expect a small retracement back up, before the price continues its path down. We have been bearish for the US Dollar for much of the quarter, but the POTUS getting Covid-19 has added another reason for a weakening Dollar. Our... short-term target is 93.00. In light of the bearish DXY, we have determined a bullish bias for the major currency pairs. We have found two promising long setups for EURUSD and GBPUSD. Our EURUSD trade has a target of 1.19000, but we will only enter this trade if price action can satisfy our entry criteria. We have a similar long setup for GBPUSD. If we were to enter, we are looking at a target of 1.31400. As opposed to last week, this week only has a few key fundamentals events to look out for. This tends to be the most ideal situation as a few key events here and there provide us the volatility we need to get our trade setups moving. Let's have a great trading week. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//eurusd-and-gbpusd-long-setups-/ #forex #forexsignals #eurusd #gbpusd #usdollar #dxy #priceaction

In today's live trading session, we went over how our trading week went and then we prepared for next week. This week taught our members a very important lesson. The lesson is that you need to be a sniper in the markets, not a machine gun. This week we looked at several potential trade setups. However, 95% of them consolidated and never gave us an entry. We didn't force the issue or scramble for any trade to take. As a trader, once you are comfortable with sitting on your han...ds, you are reaching a stage of maturity that most traders aren't patient enough to reach. Since many of our trades for this week are pending, we are hoping they become active next week. The setups we are referring to are a short for USDCHF, a short for GBPAUD, a long for EURUSD and GBPUSD. For all of these setups, we are waiting for price action to give us either a bearish or bullish close on the 4hr or daily timeframe. This will ensure that we are not getting faked out and that the trend is still intact. We hope next week can bring some more volume and activity into the markets. Most of the time NFP week's tend to be pulsing with volatility, but there are instances like this week, where the US Dollar is indecisive. We hope you all have a great weekend! Read more here: https://www.forexlens.com//trading-like-a-sniper-trades-f/ #forex #forexsignals #usdchf #gbpaud #eurusd #gbpusd #nfp

In today's live trading session, we went over the consolidation in the markets and how to trade it. We then went over our brief prediction for tomorrow's NFP release. This morning we went over several examples of consolidation and indecision occurring in the markets. We first showed the US Dollar Index which has printed a long-legged doji, a candle commonly known to represent indecision. We then showed the lack of a trend in EURUSD and GBPUSd due to the consolidation in the D...XY. Many of the Pound pairs have also shown indecision by printing moves in both directions. Due to this consolidation, we have elected to sit on our hands. There is no point in forcing a trade to only have it go in drawdown or turn into a loss. Once a trader can resist the urge of being in a trade for the sake of being in one, they have reached maturity that only some traders can reach. We still have the pending setups from earlier in the week that we can wait for, in addition to the short trade for EURNZD that was discussed today. As tomorrow is the Non-Farm Payroll release, we will be very selective about the trades we enter. Minimizing risk and maximizing profit is the ultimate goal. We will be active on the charts during the Japan and Australian session in case a setup becomes active. As always, be safe and trade responsibly! Read more here: https://www.forexlens.com//trading-consolidation-nfp-dxy-/ #forex #forexsignals #nfp #priceaction #smartmoney #smartmoney #gbpaud