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from forex traders daily this is your daily analysis Ross Mullins live from Richmond Virginia hello everyone this is today's video analysis for April 12 2016 in just a moment I'll be taking a look at the usdcad the US dollar versus the Canadian dollar for today's trade analysis but first I want to recap a couple of the trade suggestions made since yesterday during the live trade room and the morning analysis video starting here on the euro dollar one of the opportunities that we've been looking at actually for the past week or so is selling the resistance zone right around the one point fourteen hundred level as we can see this is the daily timeframe the past week or so finding resistance there look at the period of congestion top right hand corner of the trend it's just been bouncing around in here for the past seven eight nine days here into this area so once again yesterday taking a cell right around the 14 10 level and you can see them the market just bouncing around pressuring a little bit higher now coming right back down into the 1400 level we're right back to the entry point from yesterday so still doing exactly what we've been watching it do for the past couple of weeks we zoom it back in a little bit more as long as it stays around there I still think that there's a possibility that we look for this to turn back lower again only with a real open and closed breakout above 114 will I look for this to continue to pressure higher next moving on over to the aud/usd Australian versus the US dollar obviously this blue box showing us somewhat of a range and current market is by the way now at the very top of that range in the blue box so this becomes an opportunity for you to watch as well today here into the 7675 7700 level as a potential area for resistance for the Australian dollar zoom in on down to the four hour timeframe we did take a cell yesterday right around the top of the pink shaded area during yesterday's live trade room right around the 76 1510 level the opportunity to lock break even happened as the market pushed all the way down here towards the bottom of the pink zone we saw over twenty five pips of profit on that trade giving us the opportunity to protect the trade then all of a sudden the market turned right back around so good news stop-loss taken out at break even as it continues to pressure higher once again this green zone will be your decision zone for the day today on the Australian dollar and lastly moving on to the New Zealand dollar did take a cell into the blue shaded area depending on where you sold it yesterday if he sold it at the very bottom of the Blue Zone like I did the stop loss was taken out as the market continued to pressure higher if you sold it at the very top 78 set or 68 70 sorry at the very top 6870 you might have had an opportunity to see some profit as a push down 15 to 20 pips into the low point but all in all it was a stop loss that was hit a good news was it was low-risk opportunity to take here on the new zealand dollar yesterday so those are some of the traits that I've been looking at so far this week now we're looking over here on the usdcad the trend is down this is the daily timeframe not too hard to see the trend is down and the most important part about this is the fact that we've now broken through the last support lows and made a new load take a look down here at the very bottom of the downtrend let's zoom and then we see the last low here this second low here and now is challenged and push right through there today is the first candle that we've seen actually daily candle open underneath the one point 2920 level which is the bottom of that pink shaded area that now turns this pink shaded area into our resistant zone we would like to see of course to increase our confidence to close above close below that pink zone but at least at this point we've seen open and closes on the four hour timeframe we see it open under here on the daily timeframe I'm going to look for this to be our resistance zone for the day today if we're going to sell anything we want to sell it at a higher price so any rally towards that pink zone becomes the cell opportunity the risk in that scenario is that it breaks back above the pink zone so our stop loss would be above the pink shaded so selling on any rally towards the 29 22-29 50 60 level that's the entire pink shaded area and targeting lower levels our target here one point 2785 all the way down to the yellow zone at the very bottom of the chart so we have a pretty decent potential profit we have a low amount of risk if we wait for the market to rally back towards the pink zone before going short here on the US cat oil continues to go up that's good news for this to continue to go down however keep in mind we have some significant news out of Canada tomorrow that will want to pay attention to if this does not get taken in we might pause and not new trades as we go into tomorrow but definitely watching the pink zone today as a potential opportunity to go short here for the u.s. cad from forex traders daily this has been your daily analysis with Ross Mullins if you would like to get Ross's analysis on all the currency pairs he's watching and all the trades he takes today join him in his live trade room by clicking on the link below please leave any comments you have about today's video in the comments section below

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