ONLINE FOREX BROKER
2019-11-11 • Updated
Trade idea
SELL 1.1370; TP 1.1340; SL 1.1380
As we pointed out at the start of the week, EUR/USD failed to pursue upside and returned the levels, at which it has been trading since the end of October.
It looks like the downside is still not finished. Although the pair managed to close above the 50-day MA at 1.1380 yesterday, it’s now testing lower levels. The support line from November lows at 1.1340 will attract the pair. There’s scope for such move: the lower daily Bollinger band is at 1.1320, daily Alligator is declining.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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