The USD loses its grip over currencies as lighter moods enter the market.
Trading plan for May 22
- The Brexit uncertainties hurt the GBP. Will it continue to suffer? Take a look at the GBP/JPY pair.
- Canada anticipates the release of core retail sales at 15:30 MT. Will it push the CAD? Check USD/CAD.
- FOMC meeting minutes are on the agenda at 21:00 MT. Keep an eye on EUR/USD.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Gold, USD and JPY are gaining, while stocks and riskier assets are loosening.
Despite the rising number of the coronavirus cases in the United States, traders await an increase in ISM Services PMI and are quite optimistic.
Risk-on is back on the market. EUR, GBP and stocks are in favor. Gold is rising too as investors try to hedge their risk investments.
Risk sentiment became off by the end of the week. Watch the video to explore the interesting patterns which present themselves on the charts!
Drawing trendlines is the key skill for every trader who wants to be successful. Watch the video to find out how to do it correctly!