Midday Forex price action Analysis – 2016-09-06 (Potential setups on AUD/USD and USD/CAD)

UPDATE 1: Well the “ISM Non-Manufacturing PMI” numbers that just got released were unexpected. Obviously the potential trades mentioned in this analysis are cancelled without being triggered. However, this new move may have given us some new opportunities. Keep an eye out here for updates.

In today’s analysis I spot two potential setups, a AUD/USD 6/8 hr short, and a USD/CAD daily chart long.

I also discuss trading through news releases, and how I might handle NFP next month.

Check out the video for full info.

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5 Comments

  1. GLYNN

    If you look at the Forex Calender for last week you will notice that the NFP report gave 3 bad readings. At the same time the trade balance figures from Canada came out to the upside. May I suggest that it was these items of news combined that produced the bearish move! Put that together with your Pin bars at resistance and BINGO.
    Why is it everything makes sense in hindsight?

  2. GLYNN

    Another bad reading from the USA (ISM non manufacturing PMI) USA/CAD drops 85 pips in 45 minutes.! Also USD/JPY dropped like a stone.

  3. ALHASSANE BARRY

    Hi Nick,

    Profuse thanks for sending today’s analysis, does it mean it would be profitable to buy these pairs or to sell?

    Best

  4. linda

    Nick,
    When the market is more volatile (like back in 2009), do you use higher time frames? (12hr and daily instead of 4hr and 6hr)