Tuesday 5th of January 2021

Good morning folks! Feels strange to be back at it I’ll admit, it was nice to be on holidays 😀

Lets dive straight into it?

FX Watchlist

AUD/USD

Aussie Dollar remains on my watchlist for this week, we’re not any closer to the area of supply than we were yesterday, we’re seeing some deceleration, either the bulls are accumulating their positions and want to have their orders entered at this price, or there’s an exchange between bulls and bears taking place.

In either way, I’ll wait and see if my zone is reached and if there’s an entry that fits my trading plan.

EUR/USD

Might as well mention euro dollar since I just talked about AUD/USD, this pair is in a similar situation, we’ve been going sideways for a few days now and are waiting for our area of supply to be reached before looking to take a position.

I really do like this chart, but it doesn’t mean it will give us an entry, we may just have to sit on the sidelines when it drops, or see it explode higher. Nothing is a certain thing in this market.

NZD/CAD

Kiwi Cad is also approaching the area of supply while also forming a double top on the 4hour chart in a nice U shape. I no longer trade market structure, but I know it has an edge when applied in the correct zones.

Will be interesting to see what happens, but for now, we just have to wait.

Those are my 3 favorite pairs for today 🙂 I have others on watch but they all require more development before offering anything.

GBP/JPY will also be on watch for a potential 4hour scale in.