Our Tables Highlight A Lack Of Directional Markets
Thurs 24th August 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- EURAUD (Primary Focus Pair)
- GBPAUD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Risk warning: Trading carries a high degree of risk. Read more here.
Our live proprietary forex strength vs weakness tables show no currencies that are correlated between the trend traders and day traders tables.
This is a sign of indecision and a lack of clear direction in the markets.
Reasoning behind this comes down to a combination of news and time of year or month.
Despite this we can see via the dashboard (please see video) that the EUR complex is growing in strength and the AUD has been weakening.
The day traders table highlights the opposite, but taking a look at the EURAUD chart, we can see price is trading at a key weekly support level of 1.6750.
On the trend traders table we can see AUD is on the weak side, telling us from a higher time frame point of view AUD is in fact weak.
We just need the day traders table or lower time frames to agree with them in order to look for potential opportunities.
In these types of market conditions it can be best to stay away.
That being said, we will be taking a break from creating analysis between 29th August – September 4th.
This is to develop a discord server so we can provide more regular updates.
