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No stopping USD bulls with all eyes on incoming NFP report - BluFX Market Update - YouTube
Channel: BluFX
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Hi guys, Ken Chigbo
A.K.A Ken FX Freak
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and I'm BACK with
another week round-up
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and look ahead to
the key events!
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So you'll be seeing here -
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dollar has been rallying
for one-two-three-four
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consecutive weeks and
that's very much just been
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the case since the FOMC,
the central bank rate decision
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where, you know, they indicated
they would start tapering -
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withdrawing some of their
stimulus from the market
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they're to start raising rates
next year so in 2022
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and in 2023, and what we're
going to start seeing is a
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growing potential monetary
policy divergence between
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the FOMC, the dollar and other
major central banks -
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the likes of the ECB, euro
Bank of Japan, JPY so what -
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it only means one thing;
dollar has advantage over
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the rest of these currencies, okay
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given um the action there to
be taken by the FOMC.
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So I'm expecting some further
upside for the dollar -
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you know we cleared above
all this range here -
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see how we're ranging, ranging
for weeks, very choppy
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price action, breaking
firmly above that range
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and we printed fresh highs
for this year, for 2021.
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We've got this dollar strength
this week -
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we really capitalized across our
community on some
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serious, serious moves -
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guys, for ongoing fundamental
analysis, technical analysis,
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trade ideas, go to my Instagram
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@realkenchigo,
r-e-a-l ken chigbo -
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click the link in the bio and join
our communities -
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you don't want to miss out
because I'm looking to close
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those up soon as well,
or new members
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so do check that out.
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We took advantage last week
of euro, okay -
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big breakout to the downside
here from euro -
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show you what we did really -
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and it was just after seeing
sort of -
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let's remove this trend line,
we don't need this here -
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you see this little one top,
two top, sort of a double top
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there, we had this neckline
area here where we actually
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capitalized on the breakout
of this, this neckline of our
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double top area -
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and it's big support anyway
and we flushed through that.
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Now if you look, drop on to
the lower time frame
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you see, this is
what's beautiful -
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forming flag structure here,
which we see -
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big consolidation, you know
that's going to be opening
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the door for another way
downside momentum.
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So that's exactly what we
capitalized on just with a
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number of other confluences
from the higher time frames.
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I'm just going to give you
something to keep an eye
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on this week, right -
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GBP/dollar can you see -
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let's drop down to the daily -
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can you see this head and
shoulders potentially?
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Left shoulder, head, right
shoulder, look
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trying to break out and we're
retesting this neckline
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so it's something for you
to keep an eye on, okay.
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In terms of specific trade
ideas, around that, when I
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enter, so on and so forth,
as I say, join the communities
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by clicking the link in my bio
and check that out
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if you have any questions,
DM me -
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I'm always happy to help.
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Same with AUD, we've got
the RBA rate decision this
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week where they're going
to be dovish, they're going
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to stay dovish, we're not
expecting anything there
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we know that and what we
have here is a narrowing
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pendant structure, okay -
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there's range, range, range,
range -
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boring price action, breakout -
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we capitalized on here as well
in our members community
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because we had a re-test
of this pennant anyway,
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flag forms, nice little evening
star and then a change in
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momentum shifted downside
and capitalizing
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towards our next zone.
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Keep an eye on this retest here
as well.
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Something also to keep an
eye on is dollar/yen -
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right we had this huge -
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we were stuck within
this range for
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many, many years -
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big flag structure as
well, flag here which
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we capitalized on a
big breakout of the
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range you know, its had
a bit of a pullback
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just watch this pull back
at the moment because
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dips are likely to be bought
as I explained the monetary
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policy divergence between the
FOMC and the Bank of Japan.
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FOMC acting, Bank of Japan
not so much, okay
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so yeah going to be a bit of
an advantage there
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for dollar over yen.
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As I say this week, just keep
an eye on the RBA,
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the RBNZ, not expecting much
they're going to hawk -
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they're going to raise rates,
probably a dovish tone
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to accompany that, got the
labour market data which
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is going to be big for the
United States because that
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could give the final nod for
the FOMC to start tapering
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next month in November.
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Guys, please do not hesitate
to check out our communities
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as I say, a ton of value going
there to help you become
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an all-rounded trader.
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If you are looking for funding
please, please, please do not
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hesitate with BluFX,
because guys -
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the best funding solution
out there
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I've done some comparisons -
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the best funding solution
out there for someone
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like yourself to become an
all-rounded trader -
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they've got strict risk
parameters in play which
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are going to be beneficial
to you, help you with
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your discipline, help
you grow, okay -
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so I wouldn't think
twice about it!
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Other that, have an
amazing week
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let's kill it,
let's get it!
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