EUR/USD Long In Good Shape, AUD/USD Long Back In Black
MyFXspot research | May 31, 2018 09:55AM ET
Inflation in the euro zone rose to 1.9% from 1.2% in April, well above expectations for a 1.6% increase.
The Bank of Canada held interest rates steady yesterday but its in less-dovish-than-expected statement signaled that higher borrowing costs could come as soon as its next meeting in July.
h3 MyFXspot.com Trades/h3EUR/USD
Trading strategy: Long
Open: 1.1600
Target: 1.1780
Stop-loss: 1.1510
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: In line with our expectations, Eurozone inflation data exceeded market consensus and supported EUR/USD bulls. We remain long.
GBP/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The GBP/USD is testing 7-day exponential moving average. A close above this line will be a recovery signal, but we will wait for more signals before opening a new trade here.
USD/JPY
Trading strategy: Short
Open: 109.50
Target: 107.90
Stop-loss: 109.40 (lowered from 110.30)
Recommended size: 2.50 mini lots per $10,000 in your account
Short analysis: The USD/JPY found support ahead of the major 107.98 Fibonacci level this week, 50% retrace of the 104.56 to 111.39 (March to May) rise, but the bounce will likely fade out ahead of the 30-DMA now at 109.51. We remain short in anticipation of a bearish resumption in coming sessions.
USD/CAD
Trading strategy: Short
Open: 1.2830
Target: 1.2610
Stop-loss: 1.2900
Recommended size: 1.50 mini lots per $10,000 in your account
Short analysis: The USD/CAD dropped after BoC decision and less-dovish-than-expected statement. We got short today at 1.2830.
AUD/USD
Trading strategy: Long
Open: 0.7555
Target: 0.7800
Stop-loss: 0.7420
Recommended size: 1.48 mini lots per $10,000 in your account
Short analysis: Price is back above the 10 & 21-DSMAs and daily RSI diverged on yesterday's low. Our long is back in black.
EUR/GBP
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Trading strategy: Long
Open: 0.8780
Target: 0.8960
Stop-loss: 0.8690
Recommended size: 1.22 mini lots per $10,000 in your account
Short analysis: The EUR/GBP made strong gains on Wednesday to close above the 30-DMA which is now at 0.8771. A close above that level would be a good sign for our long trade.
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