Profit Taken On EUR/USD Long: Next Target 1.1620
MyFXspot research | Aug 21, 2018 11:52AM ET
The USD weakened after U.S. President Donald Trump criticized the head of the Federal Reserve for raising interest rates. Trump said that he was “not thrilled” with Jerome Powell's rate hikes and said the U.S. central bank should do more to help him to boost the economy. Trump has made reducing U.S. trade deficits a priority, and the combination of rising interest rates and a strengthening dollar poses risks for export growth.h3 MyFXspot.com Trades
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EUR/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Profit taken on EUR/USD long at 1.1520, earned: 170 pips, $320 per $10,000 in your account. The August 15 hammer candle warned of a direction change. We used that opportunity to open a long position. Subsequent climb in price has removed the 30-day MA lower Bolli and 10-day MA lines. We think that the upward move may be continued with the next target at 1.1628, August 8 high. We will consider buying on dips.
GBP/USD
Trading strategy: Buy
Open: 1.2835
Target: -
Stop-loss: 1.2700
Recommended size: 1.48 mini lots per $10,000 in your account
Short analysis: The GBP/USD cleared above the 10-day MA. We think a run up to the 21-day MA 1.2933, is possible now. Bid placed at 1.2835.
USD/JPY
Trading strategy: Short
Open: 111.40
Target: 109.40
Stop-loss: 110.70 (lowered from 112.40)
Recommended size: 1.66 mini lots per $10,000 in your account
Short analysis: Weekly charts still heavily bearish so daily upticks could provide better sell levels. We have locked in small profit at 110.70.
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: We opened USD/CAD short at 1.3065, in line with our trading strategy. USD/CAD consolidating below daily cloud base (1.3058) finds support 1.3015 just above August 9's 1.3001 low. A close below the daily cloud adds to bearish momentum. Below August 9 low puts 200-day MA support by 1.2836 in sharper focus.
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AUD/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Bounce from Aug 15 low extends. The pair is now above 14-day exponential moving average, which is another bullish signal. But recent upward move does not change long-term bearish trend. We stand aside.
EUR/GBP
Trading strategy: Long
Open: 0.8935
Target: 0.9050
Stop-loss: 0.8935 (raised from 0.8880)
Recommended size: 2.15 mini lots per $10,000 in your account
Short analysis: Constructive daily action just stalling ahead of upper 30-day MA Bolli, 0.9009. Stochs look a little rich but increased positive momentum. Long upper wick on today’s candlestick increases risk of trend change. That is why we have raised our trailing stop-loss to the entry point.
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