EUR/USD Outlook Bearish
MyFXspot research | Aug 09, 2018 11:37AM ET
The GBP/USD steadied near 11-month lows after a decline this week that was fueled by investor fears Britain will leave the European Union without an agreement on its future relationship with the bloc. There are near-term risks of a recovery due the the oversold market, but gains will likely be limited by Wednesday's 1.2960 high. We stay GBP/USD bearish.
This is how MyFXspot.com trades now:
EUR/USD
Trading strategy: Sell Open: 1.1645
Target: -
Stop-loss: 1.1715
Recommended size: 2.86 mini lots per $10,000 in your account
Short analysis: Bullish pressure continues to build for an assault on the 1.1629/1.1660 key Fibos, which are 38.2/50% retraces of the 1.1790 to 1.1530 (July to August) fall. Bias also intact for the daily cloud base in between the Fibos at 1.1653. We are looking to fade the recovery at 1.1645 in anticipation for a bearish resumption in the days ahead.
GBP/USD
Trading strategy: Sell
Open: 1.2960
Target: -
Stop-loss: 1.3110
Recommended size: 1.33 mini lots per $10,000 in your account
Short analysis: GBP/USD bears look on course to register a weekly close below the major 1.2934 Fibonacci level, a 50% retrace of the 1.1491 to 1.4377 (2016 to 2018) rise. There are near-term risks of a recovery due the the oversold market, but gains will likely be limited by Wednesday's 1.2960 high.
USD/JPY
Trading strategy: Sell
Open: 111.40
Target: -
Stop-loss: 112.40
Recommended size: 1.66 mini lots per $10,000 in your account
Short analysis: Tenkan and kijun are negatively aligned, reinforcing overall bearish bias. Bears had been taking control bulls faltered ahead of the key 112.19 Fibo, a 61.8% retrace of the 113.18 to 110.58 fall. To take advantage of recovery moves we have lowered our offer to 111.40, which is ahead of the daily tenkan line at 111.43.
USD/CAD
Trading strategy: Short
Get The News You Want
Open: 1.3050
Target: 1.2850
Stop-loss: 1.3050 (lowered from 1.3150)
Recommended size: 1.96 mini lots per $10,000 in your account
Short analysis: USD/CAD reversed early gains above 1.3100. After seven attempts below 1.3000, pair rallied above 10-DMA (1.3028) giving momentum to bulls. We have lowered the stop-loss to 1.3050 to make the trade risk free.
AUD/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Short-term rally stalls by the daily cloud base and ahead of the 55-DMA. The long lower wick on the monthly candle gives a bullish tint. Consolidation of long-term losses suggests a break lower is due. Signals are a bit mixed so we closed our long position and will stand aside for now.
EUR/GBP
Trading strategy: Short
Get The News You Want
Open: 0.9010
Target: 0.8910
Stop-loss: 0.9060
Recommended size: 3.11 mini lots per $10,000 in your account
Short analysis: Trading above the upper bolli-band now at 0.8986 signals an overbought market. We have gone short at 0.9010.
Trading ideas by MyFXspot.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.