Major USD Pairs Discussion | Daily Market Breakdown

No. I don't think so. Not every movement in USD-related pair is primarily dollar related. AUD is risk-sensitive currency. And as US-Iran conflict is easing up, investors will move back to high yielding assets and currencies like AUD.

Yes, dollar (USD) weakness can contribute, but it's not the primary reason it is buying.

AUDUSD-Also to note, Australia is one of the world's largest gold-exporter, because they produce gold.

And that makes AUD correlation with XAU primarily positive, because the more revenue Australia earns from Gold, the more it strengthens the AUD currency.

The correlation is only different when investors are risk-on. Buying Gold and selling AUD, to insure against geopolitical risk.

So, it's best to assess both AUD and USD before concluding it's because of DXY that AUDUSD is buying. It's not always primarily the case.

Yeah. that's the point.

I'll watch for the retest of this price level for the buy continuations on AUDUSD.

GBPUSD-Quick scalp. Tp Hit.

Will wait for invalidation of the TP price level, then look for another sell opportunities.

GBP USD has already invalidated my setup since I trade only New York, it has delivered price during London so my setup on it has invalidated already so I'll be looking at EU for sells

Insightful

So that's why AUDUSD is still bullish while EURUSD and GBPUSD are bearish

No. I don't think so. Not every movement in USD-related pair is primarily dollar related. AUD is risk-sensitive currency. And as US-Iran conflict is easing up, investors will move back to high yielding assets and currencies like AUD.

Yes, dollar (USD) weakness can contribute, but it's not the primary reason it is buying.

The chart says a lot

The correlation is positive on both pairs

GBP USD has already invalidated my setup since I trade only New York, it has delivered price during London so my setup on it has invalidated already so I'll be looking at EU for sells

AUDUSD-Also to note, Australia is one of the world's largest gold-exporter, because they produce gold.

And that makes AUD correlation with XAU primarily positive, because the more revenue Australia earns from Gold, the more it strengthens the AUD currency.

The correlation is only different when investors are risk-on. Buying Gold and selling AUD, to insure against geopolitical risk.

So, it's best to assess both AUD and USD before concluding it's because of DXY that AUDUSD is buying. It's not always primarily the case.

Yeah. That's why I'll always quote that "price has the final say".

It already did the retest of the Invalidated trendline that confluences with that pattern at that major key support. It won't return until it meets a resistance it can't break, then it will pull back to find more momentum to continue the buys.

EURUSD TRADE PROJECTION

Timeframe: Weekly
Bias: Bearish
Technical Outlook: Price is still trading below the resistance level at 1.1469 for the 4th week now. This further confirms price readiness to continue it's downward move to the 1.1100 technical support region. Still expecting this pattern completion on the weekly.

Yeah. Yeah. The Chart is just the best weapon to survive the big sharks you're trading against as a retail trader. Everything affecting the financial markets shows here. Even though the feeds too are not so detailed in Trading View, except you subscribe to it.
There's more to fundamentals than it is being led on, for retail traders. Understanding how it affects the market is all I'm interested in, but I don't make it a primary decision for trading, because the fundamental data is too shallow for retail traders.

To get the real deal, you have to be heavy on subscription on most news sites for firsthand information.
As a trader, you have to balance your knowledge of Technicals and Fundamentals even if you don't get to trade both all the time.

AUDUSD- If price flips that zone at 0.7011, then it will join the sells, but if it doesn't It will continue the buys.

GBPUSD- I'll be looking out for the retest of this flip zone at 1.3420 for the sell continuations, as price has invalidated the Trend support as I Expected using the Bearish BARR Top Pattern.

I'll be looking out for sells too because price hasn't closed above that high with a full body candle

GBPUSD is heavily bearish

I have been looking for a re-entry to join the sells. I think this will be the setup

EURUSD- Trade Setup

Bias: Bearish
Technical Outlook: Bearish Descending Channel

Price continued trading within the Intraday descending channel it formed last week.
Invalidation of the bearish flag formed within the descending channel, will present opportunity for the sells to continue further to the downside as shown in the charts.
Next level target will be 1.1380 for the sells.

Yeah. I'm looking at it also.
On AUDUSD, I'll be looking at the retest of the 0.7010 flip zone for the sells to continue downwards.

Assuming I followed it up earlier today, wouldn't have miss it. I had it setup. I forgot to check it on time. But I'll be watching out for this pattern.

GBPUSD has good momentum on the sells than EURUSD and AUDUSD.

I'll watch for a retrace to that resistant level