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USD Strength Rising Amid Trade Talk Progress – Nov 10th, 2019 Weekly Forex Analysis

November 10
12:30 2019

We saw markets react to the somewhat positive news coming from the US and China in regard to potential tariff agreements. They both decided to rollback on the ongoing tariffs as part of phase one of the trade deal. This gave a boost to the dollar across the board as we saw the USD gain against all the majors. 

In regards to the forex bank trading strategy, the EUR/USD complete a three-cycle push to the downside. This week we will continue to lean towards Dollar strength across the board until shown otherwise with a upward market cycle. 

eur/usd

Analysis: This pair made the complete 3 pushes to the downside last week. So, we have to open up the bias moving into the new week, but we currently have no lower levels, so we are listing all the upper levels.

Manipulation Point/s: Upper – 1.1057

GBP/usd

Analysis: The pound has been in a downtrend for the whole of this last week but only made a valid first push to the downside on Thursday. So we would be trading for the second push in that same direction.

Manipulation Point/s: Upper – 1.2795 & 1.2837

AUD/usd

Analysis: Here, we had a double top form on Thursday, and it was followed by a clean 1st push to the downside on Friday. This is a classic example of how bias is created. Now we would be trading for the 2nd push to the downside.

Manipulation Point/s: Upper – 0.6869

usd/chf

Analysis: Continuing the bullish run for the dollar, here we also have had two clear pushes to the upside on Tuesday and Thursday. As Friday did not nullify the bias, we would be looking to trade for the 3rd push to the upside.

Manipulation Point/s: Lower – 0.9943

usd/cad

Analysis: The market here broke out of the range held for most of the week and made a valid 1st push to the upside. So we are looking to trade for the 2nd pushup in favor of the strong USD.

Manipulation Point/s: Lower – 1.3203

nzd/usd

Analysis:  Here, the market broke out of the range on Friday, making a valid first push to the downside. So we are trading for the 2nd push to the downside.

Manipulation Point/s: Upper – 0.6344

eur/jpy

Analysis: We have a clear range-bound move on this pair. We will continue to trade with an open bias, looking to go long from lower manipulation points and short from upper levels.

Manipulation Point/s: Upper – 121.24 & 121.46    Lower – 120.15

eur/Gbp

Analysis: This Pair is still moving in the sideways price action, which it has held for weeks now. We would be keeping our bias open as we have done so far in anticipation of catching the possible reversals from the upper and lower bound of the range.

Manipulation Point/s: Upper – 0.8666  Lower – 0.8581

Important Disclaimer: At Day Trading Forex Live (DTFL), we have specific entry, exit, and trade management rules that are used for trading these levels. You should not blindly enter the levels without first doing your own research and ensuring you have a trading plan in place.

If you would like to learn more about the bank trading strategy, member’s community, and live training room, you can do so by Clicking Here.

Happy Trading

Sterling

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