XF Trading Group's Trade of The Day.
We are currently watching AUDJPY to make an extra once we get confirmation of major level 85.155 breaking. Order flow has substantial limit orders in pay at 85.155, if we can clear this level our next high depth level sits at 85.683 where we hope to take profits.
This one is a pending trade, we will make an entry with institutional level traders at 0.93251. A great amount of technical meet at this point of entry also, so it's a high probability set up. Two take profits calculated for this trade, first 50% at 0.95332 and the full 100% at 0.96607.
Another good setup forming. Here we have a long positioned for USDCAD, we are currently at a major support level with high trading activity. The level is currently holding well and showing signs of a good entry. We feel a 2 TP will be best for this trade with 50% covering at 1.26267 and SL adjusted to B/E, and the remaining bit of trade liquidated at 1.26842.
Looking to make a short entry on EURAUD after rejection off 1.56087 and a start in the opposite direction is showing clear signs of a downward move taking place now. Currently have TP level set at 1.52701, but we will be taking half of the profit at 1.54415 level. A move to 1.56872 invalidates the trade and we will close out in loss.
A longer timeframe trade, firstly, we must wait for retracement back to 150.422 before we can begin adding longs to our basket. A very strong level to buy off from with high level of interest around this region from institutional investors. An entry on GBPJPY will be followed by TP levels set at 153.511 which will give us net profit of 310 pips.
We are looking for another re entry on EURJPY on the retracement back to 129.522, we've taken profit off the previous move and it seems 129.522 is holding as support nicely for another leg up to 130.950. Completion of second leg will be 140 pips net.
A potential long becoming more likely on EURJPY, we can see it has started struggling around the 128.749 region where we are hoping to take our longs off. If we see bullish candles form and close off this level, we will make our entry on this pair with our targets at 130.321 which is a net of 156 pips.
Holding off from entering until we can get a confirmed rejection off 1.76412, a clear rejection gives us the green light to begin making long positions on GBPCAD. A strong break below both support and trend line immediately invalidates entry on this pair.
If we do get all the right conditions to make our entry, we could be looking at a 252 pip move!
Looking for a possible short AUDNZD if we see upside and clear rejection off 1.08430. If we do manage to make an entry on this trade we can look for position covering around 1.07275 at net profit of 115 pips.
Our analysis on DXY indicates we are in for a bullish run, it's easier to see on USDCAD where we can expect buying pressure from investors. Current level of interest to see build up of demand for USD is 1.27352, and we are hoping profit levels to hit peak of at least 1.28570 (122 pips/0.96%).
Currently waiting for rejection of our 61.8% fib zone in connection with our daily MA closing into the same level. Both technical levels combined make this a very solid support zone. An entry from 0.76425 could see a full swing to 0.78025 which would be a 162 pip gain.
If we have a bounce off structural support at 1.27938 it will give us confirmation USD remains weak and we can look to add short positions only if conditions are met. If we do manage to get a short entry in, we will look to lock in a minimum of 142 pips with this setup. Target level will be held at 1.26284.