2019-11-11 • Updated
Trade ideas
BUY 107.25; TP1 107.50; TP2 107.80; SL 107.10
SELL 106.70; TP 106.30; SL 106.90
The USD is going to be volatile on Friday, September 6, as America will release Nonfarm Payrolls data at 15:30 MT time. USD/JPY is a currency pair that traditionally reacts strongly to this release. The pair is now consolidating ahead of the news. On the upside, it ran into the resistance of the declining 50-day MA in the 107.15 area after initially spiking to 107.23 yesterday. As a result, we need to see an advance above 107.25 on strong NFP to trigger buy trades. In this case, the targets will be at 107.50 and 107.80. All in all, the bullish scenario seems more likely than the bearish one as USD/JPY closed at the highest level since the beginning of August on Thursday. At the same time, the decline below 106.70 (200-period MA on H4) will renounce the upside and make the pair slide to 106.25.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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