How to trade this week? What market events will drive the market? In this video, FBS analyst Kseniia Medik gives trade ideas for the current week. Watch the report and trade with profit!
Trading opportunities for Aug 13-17
It seems that August is going to be a very interesting and eventful month, and traders will have a lot of profit opportunities.
During the past few days, many currency pairs made big moves. The USD went broadly up. Its index versus a basket of currencies reached a new important mark of 96.00. The dollar’s advance will continue if it rises above this resistance. Otherwise, it may pull back to 95.00.
EUR/USD slid below the psychological level of 1.15. The euro was hit as the European Central Banks expressed worries that the euro zone banks may suffer because if their ties to Turkey. At the moment of writing, the euro got some support from the 100-week MA and an important Fibonacci level at 1.1440. A close below 1.15 and the decline below the mentioned support would mean means that the euro got to a new, lower range targeting 1.1365 and 1.13. Any attempts of EUR/USD to recover will meet resistance at 1.15.
Turkish markets were in turmoil because of political tensions between Turkey and the United States. If the situation doesn’t calm down, volatility in USD/TRY will remain high.
GBP/USD dropped from 1.30 to levels below 1.28 under a threat that Britain will leave the European Union without any kind of agreement. The pound got to the lowest level since June 2017. It got oversold but the resistance at 1.29 will limit it on the upside. There are no serious support levels until 1.2580/00.
In the upcoming days, traders will focus on such events as British employment and euro zone’s GDP growth on Tuesday; British CPI and the US retail sales on Wednesday; Australian employment, British retail sales and the US building permits on Thursday; and Canadian CPI on Friday.
There will be active trading in both Forex majors and cross pairs like EUR/GBP, GBP/JPY, NZD/JPY, and exotics like USD/TRY.
While economies restore capacities, the market is now a hostage of second-wave virus fears. How to use such an environment to make profits?
The weak has started with concerns about the coronavirus and the global recovery. How to make porfit in such an environment? Watch the video to get trade ideas for EUR/USD, GBP/USD, USD/JPY, WTI, and XAU/USD!
The NFP brought good figures last Thursday, but the spike of infections in the US keeps suppressing the risky momentum.
The market sentiment improved after the positive vaccine experiment. Stocks gained and EUR/USD surged, as well. Traders await the NFP report.
Concerns about the coronavirus clash with hopes of recovery. Traders await the US jobs data. Watch the video to find out what this means for the major pairs!