Market Overview: Good Morning! Today is the last working day of this week, yesterday dollarindex moved in a short range of only 20-30 pips, so major currency pairs did not move very much on any side and remain in a tight range. Gold is also trading at a price range of 1823 to 1847, currently trading at 1823 and hopefully touching down to 1809 price level again today. With crude oil still trading at 105.11 price level, I am expecting a drop in prices at any time due to heavy selling pressure.
DollarIndex: After analyzing the dollar index again, which is currently trading at 104.44 in a tight range, a symmetrical triangle pattern has been established between the tight three lines of the Bollinger band indicator. As soon as we have this triangle pattern, we will decide whether to remain in bullish or bearish setups of dollar index and other major pairs.
Today Fundamental analysis: I checked early in the morning, but couldn't find any good news regarding any currency that provides us with high volatility. There is also a bank holiday in Newzeland today, so its banks remain closed. Furthermore, only high impact AUD news will be released in London session and medium impact USD news will be released in the London and US sessions, respectively. Market volatility remains low in all sessions.
Trading Activities: Closed Positions: Earlier today, I closed my EURJPY and EURNZD trades in handsome profit of 1115.85 $, and I also closed my USDCHF scalping trade. In the EUR pairs trade, I was a longer-term seller, but now a corrective move is starting, so I closed my position in a profit. EUR will remain bearish for the rest of the week.
Active Positions: I currently have four open positions: three selling positions in USDJPY and one sell position in Bitcoin. The USDJPY looks to be headed for a big down move soon based on my analysis. Once Bitcoin closes this week, I'll close my sell position and open a buy position.
USDJPY: Currently, I have three open positions in a major currency pair, two of which are swing trades and one of which is a scalping trade that I opened yesterday night. In my chart, I see prices rejected from trend lines that I draw as per intraday trade setup and also Bolinger Band and Stochastic going in our favour today, so today, I expect a big drop in the USDJPY prices with the target at 132.30.
Bitcoin: Currently, Bitcoin is trading at 21021.93 and I'm waiting for this weekly closing. I'm facing a loss of almost 224 dollars in my BTC sell position. As I mention in my chart, it will be bullish longer term if this week closes above the support level. It is my hope that Bitcoin will hold onto its weekly support and then start another bullish journey for the upcoming trading week. Best of luck.
