This week I covered the levels in the USD that I’m watching as I discuss what the “Forextra” is and why it’s so important. For those of you who have never seen me look at futures markets like the dollar, Dow, crude oil, and gold…these are markets that can impact individual currency stories and it’s vital to know their key levels and trends. I begin this discussion around the 4:00 (minute) mark.
Speaking of key levels, I discuss that it is we’re really trying to discover when we’re drawing lines and levels on our charts. I call trendlines, support, resistance, and even major and minor psychological levels “decision levels” because it’s at these levels that we expect the market to make some sort of “decision” or move. There are three scenarios: Acceleration, Stall, and/or Reversal. We expect one of those reactions at a line we have drawn and the expectation we expect relies on our opinion of market trend and momentum (e.g. expecting a breakout versus a stall and reversal) I begin this discussion around the 9:00 mark.
A few other spots of interest in the video are my Aussie dollar analysis (21:00)
I also discuss the USD/JPY and the Nikkei (30:00)