2 Aug 2020

Market Commentary 8-2-2020 – NZDUSD AUDUSD USDCHF EURUSD GBPUSD

Hello everyone! This post is covering the Market Commentary for multiple assets using The Professor and Pure Price Action Technical Analysis.

There won’t be a video today but I have included the new defined ranges of each asset for you, per member requests in the room.  If you prefer a video please send a support ticket in, but so far you have all requested more of the ranges being typed out in a post instead of a video explaining.

It was requested that I do more MTF analysis, so today I am adding that back in as well.

Keep giving feedback and I will do my best to fit everyone’s wants 🙂 

Please remember that we want the candle body to close above or below the new defined range for validation to enter the trade.  Avoid getting caught in a trade with some of those wicked wicks!

Also, remember to set your trailing stop around 25 pips (using previous support resistance will give you best results).  Majority of these trades reach 50 or more pips, but protect your profit in case the trade turns around.

SL is set at the opposite side of the new defined range.

New Defined 4H Ranges:

NZDUSD – 0.666433 – 0.661380

AUDUSD – 0.717309 – 0.712144

USDCHF – 0.915795 – 0.908818

EURUSD – 1.167601 – 1.160805

GBPUSD – 1.313882 – 1.304510

GBPUSD D1
GBPUSD H4
EURUSD D1
EURUSD H4
USDCHF D1
USDCHF H4
AUDUSD D1
AUDUSD H4
NZDUSD D1
NZDUSD H4

D1 Analysis:

  • NZDUSD
    • overall long trend
    • in 4th leg correction
    • could expect a further correction before continuation
    • at supply zone
  • AUDUSD
    • overall long trend
    • in 4th leg correction
    • could expect a further correction before continuation
    • at the supply zone
    • if the supply zone holds then we can expect sideways movement or trend reversal in the upcoming weeks
  • USDCHF
    • overall short trend
    • in 3rd leg 
    • waiting for correction or complete reversal
    • heavy support level
    • We can expect sideways movement or trend reversal in the upcoming weeks
  • EURUSD
    • overall long trend
    • in 3rd leg 
    • waiting for correction or complete reversal
    • key resistance level
    • We can expect sideways movement or trend reversal in the upcoming weeks
  • GBPUSD
    • overall long trend
    • in 3rd leg 
    • waiting for correction 
    • at supply zone
    • if supply zone breaks then continuation of long trend

Cheers to another successful week!