ONLINE FOREX BROKER
2019-11-11 • Updated
Trade ideas
SELL 6.99; TP 6.96; SL 7.0050
SELL 6.9450; TP 6.9100; SL 6.9550
BUY 7.0350; TP 7.0800; SL 7.0250
USD/CNH has been steadily declining since the start of October on hopes that the United States and China would take steps towards some kind of a trade deal. As a result, the pair closed below the key level of 7.00 for the first time since early August. This level together with 7.0290 (100-day MA) will now act as resistance. As long as the price is below it, we’ll see a top at the market. Only the clear sign that there will be no deal in the upcoming weeks will push USD/CNH above 7.03 and to 7.0880 (50-day MA).
On the downside, support is located at 6.95. Around it, there’s the line connecting 2016 and 2018 highs. The decline below this support will open the way down to 6.9090 (200-day MA).
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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