Just like I expected, the US dollar continues to dominate most of the markets this Monday. The positive macroeconomic figures from the US and the growing concerns about the highly transmissible Delta variant continue to work in favor of the dollar. On the other hand, coronavirus woes will be more for the sterling. The United Kingdom has recorded the highest Covid-19 new cases in recent times. The UK Prime Minister, Boris Johnson, is also in isolation! Of course, that is a negative for the pound.
Finally, the quotes hit the take-profit level of my GBP/USD trade, booking me a profit of $91. I had planned to extend the target to 1.3700 but forgot. The price almost touched that level. However, the bearish move is still intact, and I will be looking for sell opportunities on the pair.
My USD/JPY trade is still running! And again, to my surprise, the price is going to the downside. But, I still believe in a stronger dollar and have finally extended the stop-loss level to 109.50. Hopefully, the price will move up from the current levels. The EUR/USD sell trade is running in good profits. I expect the target to hit soon.
NEW TRADE: AUD/USD
Like I mentioned in the previous update, I got the opportunity to sell the AUD/USD pair after the price hit 0.7419 and began to decline. There is a high possibility that the price will fall to the next support at 0.7340. A break of that level will give the bears a chance to move the price to lower levels. Hence, I have sold the currency pair with a risk of 38 pips and a reward of 52 pips.
AUD/USD TRADE DETAILS:
Entry Point: 0.7392
Take Profit: 0.7340
Stop Loss: 0.7430
NEW TRADE: NZD/USD
Based on my analysis of the daily chart, I also sold the NZD/USD pair. The daily chart is advising a sale. There is a high prospect of price declining towards the level of 0.6900. Only a break above 0.7030 could negate the current bearish mode and make the price edge higher. I am risking 36 pips to gain 84 pips on the trade.
NZD/USD TRADE DETAILS:
Entry Point: 0.6994
Take Profit: 0.6910
Stop Loss: 0.7030
Running Trades Status:
Well, this is the current state of my trading account. What are your views on the positions? Kindly drop your comments in the space provided below.
Thanks for your visits to my trading journal and the priceless comments. Together, we can become much better in the forex trading business.
Trade safely and stay safe!
Best of the greens to everyone!