USD In Focus With Key Risk Events On The Horizon
Fri 26th August 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPUSD (Primary Focus Pair)
- AUDCHF (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| No Open Interest | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
The USD is the only currency highlighted by our live proprietary forex strength vs weakness tables today.
However, today we have some high impact data to be mindful of.
Federal Reserve Chairman Powell speaks at 3pm today which the market could be waiting for.
We also have ECB President Lagarde speaking today which could also provide some action in the markets.
Our tables are best used in directional markets, and at the moment those conditions are not around.
This makes it difficult to find opportunities, however because the USD is highlighted we can take a look to see how the market could play out against a weaker currency.
One of the weakest currencies is GBP, GBPUSD has recently broken down through a consolidation pattern at the key 1.2650 level of support.
The daily 200 moving average is sitting at 1.2400 which could be targets for sellers currently.
If the price can remain below the hourly 50 moving average then downside could be in our favor.
Technical Observations:
- USD is S2 on the day traders table.
- GBPUSD has broken down through key support of 1.2650.
- The daily 200 MA could be targets for sellers at 1.2400.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
