FOREX CHART ANALYSIS JAN 3 - WHAT TO TRADE AND WHAT NOT
Tonight the US Manufacturing PMI is relatively important for the US dollar. If this index surpasses the level of 50 again, the USD might bounce up sharply. Keep up with the news to trade with the best forex trading strategies.
USD/JPY (1-hour chart)
We had a little over Stop Loss for USD/JPY yesterday and then the price dropped dramatically. USD/JPY yesterday after completing the Rising Wedge chart pattern, broke out below to resume the downtrend. Overall, there has been no change in the trend of USD/JPY and it is still down. The prediction for USD/JPY today is inclined to sell down.
AUD/USD (1-hour chart)
Buying AUD/USD yesterday, the price rebounded slightly from the buying area before turning down. We take it as breakeven.
AUD/USD started the period of downward adjustment after a very strong uptrend recently. The trend structure is in a downtrend with continually lower low peaks being created. Today we are inclined to the possibility that AUD/USD will continue to decline, so we choose to sell AUD/USD.
NZD/USD (1-hour chart)
NZD/USD yesterday hit the bottom. NZD/USD started showing signs of changing the trend from rising to falling after breaking through the bullish trend line - bullish trendline - and falling below strong PPZ. There may be further downside adjustment for NZD/USD today. Odds for NZD/USD are in favor of selling again.
Gold seems to be playing the game every day a new high as it has been continuously breaking the ascent for the past few days. Momentum is not too strong. Currently, the favorable condition for gold is to continue waiting for a retest to buy in favor of the trend.