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Webinar: Price Action Setups in GBP, CAD, DXY

Webinar: Price Action Setups in GBP, CAD, DXY

James Stanley, Senior Strategist

- If you’re looking for trading ideas, check out our Trading Guides. And if you’re looking for ideas that are more short-term in nature, please check out our Speculative Sentiment Index Indicator (SSI).

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- In this webinar, we used price action to look at macro markets in the effort of lining-up trades for the next few weeks. The focus for today’s webinar was GBP and CAD, as each of these currencies has seen volatile moves in the early portion of this week.

- We started off with GBP/USD as the pair is rallying after this morning’s U.K. Supreme Court Ruling. The pair is currently at resistance, but this recent bullish move highlights the prospect of top-side continuation. We looked at two ways of trading long Cable, using both ‘inside’ and ‘outside’ price action.

- We then took a look at the U.S. Dollar for the purposes of metering these positions in the majors. The U.S. Dollar (as represented by ‘DXY’) is currently in a batch of support around the 50% retracement of the post-Election move. As long as the Dollar stays above this zone of support, the bias would be bullish, and this can open the door for long setups in USD/CAD.

- The Canadian Dollar put in a move of strength this morning after USD/CAD has run into a level of resistance yesterday. But we’ve seen multiple tests and bounces off of the 1.3000 level in the recent past, and traders can take a similar stance as with the U.S. Dollar, investigating bullish strategies as long as price action remains above support.

- We then moved over to look at cross-pairs in GBP/CAD and CAD/JPY; with each pair showing the potential to break out of previously-bearish price action. CAD/JPY may be a bit closer to being in a bullish state, but in the webinar we looked at multiple mannerisms for approaching each.

--- Written by James Stanley, Strategist for DailyFX.com

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Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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