Fresh EUR/USD Long, Profit Taken On EUR/GBP
MyFXspot research | Aug 26, 2018 07:14AM ET
There was nothing new and shocking from Powell on Friday. He repeated the previous Fed comments, we saw in the minutes. The September rate hike is very firmly on the table. December is a bit more of a question mark and more data dependent. The EUR/USD jumped after Powell’s comments, which suggests stronger upward move is likely in the coming days.
This is how MyFXspot.com trades now:
EUR/USD
Trading strategy: Long
Open: 1.1610
Target: 1.1750
Stop-loss: 1.1540
Recommended size: 2.86 mini lots per $10,000 in your account
Short analysis: Last week's bullish hammer candle will be probably confirmed this week. We got long at 1.1610. A close above 1.1617on Friday opens up the thin cloud at 1.1660 with daily cloud top at 1.1752.
GBP/USD
Trading strategy: Long
Open: 1.2835
Target: 1.3110
Stop-loss: 1.2700
Recommended size: 1.48 mini lots per $10,000 in your account
Short analysis: We keep our GBP/USD position unchanged. Our trade is slightly in profit. Near-term focus is the resistance level at 21-day moving average (1.2894).
USD/JPY
Trading strategy: Short
Open: 111.30
Target: 109.30
Stop-loss: 112.30
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: A shooting star pattern is forming on daily chart today - a bearish signal. We have opened short at 111.30
USD/CAD
Trading strategy: Short
Open: 1.3065
Target: 1.2845
Stop-loss: 1.3175
Recommended size: 1.78 mini lots per $10,000 in your account
Short analysis: USD/CAD hovers near daily cloud base (1.3058). A close below 1.2994 (daily low on August 23) would add to bearish momentum. We remain short.
AUD/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: AUD/USD volatility has been elevated due to political risks. In our opinion no position is justified here from risk/reward perspective.
EUR/GBP
Trading strategy: Await signals
Open: -
Target: -
Stop-loss: -
Recommended size: 2.15 mini lots per $10,000 in your account
Short analysis: Profit taken on EUR/GBP long at 0.9050, earned: 115 pips, $317 per $10,000 in your account. Stoch's and RSI probe overbought territory. We will be looking to buy this pair again on dips. We see little resistance ahead of August 29 2017 high at 0.9307.
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