EUR/USD Long At 1.1990, USD/JPY Short Is Back In Play
MyFXspot research | May 03, 2018 08:24AM ET
The EUR/USD found support at 1.1938 on Wednesday ahead of the key 1.1937 Fibo, 61.8% retrace of the 1.1555 to 1.2555,November to February, rise and our EUR/USD long looks good now. Our USD/JPY short is back in play after USD/JPY bulls were curtailed ahead of the 200-DMA.
This is how MyFXspot.com trades today:
EUR/USD
Trading strategy: Long
Open: 1.1990
Target: 1.2250
Stop-loss: 1.1915
Recommended size: 2.67 mini lots per $10,000 in your account
Short analysis: The EUR/USD found support at 1.1938 on Wednesday ahead of the key 1.1937 Fibo, 61.8% retrace of the 1.1555 to 1.2555 (November to February) rise, increasing the risk of a recovery. We opened a long position at 1.1990. Now we need a comeback above 1.2055 to confirm a trend reversal.
GBP/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Although we see some signs of recovery, a counter-trend play would be risky. The BoE will meet next week and will probably leave interest rates unchanged and this event is still weighing on the market.
USD/JPY
Trading strategy: Short
Open: 109.25
Target: 110.35
Stop-loss: 107.00
Recommended size: 1.49 mini lots per $10,000 in your account
Short analysis: USD/JPY bulls have been curtailed ahead of the 200-DMA, which is currently at 110.22, increasing the risk of a reversal lower towards at least the 108.75 Fibo, 23.6% retrace of 104.56-110.05 (March to May) rise. This is especially the case as the 30-day upper bollinger-band also weighs at 110.19. Our short position is back in play.
USD/CAD
Trading strategy: Short
Open: 1.2835
Target: 1.2400
Stop-loss: 1.2930
Recommended size: 1.93 mini lots per $10,000 in your account
Short analysis: The USD/CAD remains anchored near 1.2850, trades 1.2803-1.2883 range. Bulls need a close above 1.2900 to gain momentum, but we think this scenario is unlikely given USD sell-off after Fed’s statement. We stay short.
AUD/USD
Trading strategy: Long
Open: 0.7515
Target: 0.7750
Stop-loss: 0.7450
Recommended size: 2.31 mini lots per $10,000 in your account
Short analysis: We opened AUD/USD long on pair's bounce. The pair is testing 7-day exponential moving average now. A close above that line (currently at 0.7545) will be a bullish signal.
EUR/GBP
Trading strategy: Buy
Open: 0.8780
Target: -
Stop-loss: 0.8690
Recommended size: 1.22 mini lots per $10,000 in your account
Short analysis: Our EUR/USD trading strategy remains unchanged. The underlying bias is with the bulls and we are looking to buy this pair at 0.8780.
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