Trading ideas: Profit taken on EURUSD long

The GBP/USD rallied to two-month highs on forecast beating British retail sales data and growing optimism that Britain and the European Union are making significant progress towards a Brexit deal at an EU leaders summit. We keep our buy-on-dips strategy.

We have also taken profit on EUR/USD long. The Federal Reserve is next week expected to raise benchmark borrowing costs and shed more light on the future rate path. But we do not think this will change medium-term EUR/USD trend. We have placed another EUR/USD bid.

This is how MyFXspot.com trades now:

EUR/USD

Trading strategy: Buy

Open: 1.1645

Target: -

Stop-loss: 1.1570 (raised from 1.1450)

Recommended size: 2.67 mini lots per $10,000 in your account

Short analysis: Profit taken at 1.1750, earned: 200 pips, $400 per $10,000 in you account. EUR/USD bulls broke above the August 1.1734 peak, which opens the way to the 1.1780 Fibonacci level. 1.1780 Fibo is a 38.2% retrace of the 1.2556 to 1.1301 fall. We have placed a new bid at 1.1645 level in anticipation for a bullish resumption.

GBP/USD

Trading strategy: Buy

Open: 1.3130

Target: -

Stop-loss: 1.3020

Recommended size: 1.36 mini lots per $10,000 in your account

Short analysis: So far we have seen no negative fall-out from Wednesday's major candlestick doji. A bid returns and bull run resumes. We still see scope to 1.3363 and continue to favour a buy on dips strategy.

USD/JPY

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: USD/JPY has failed to close above the key 112.38 Fibonacci level twice, a 76.4% retrace of the 113.18 to 109.78 (July to August) fall, on Tuesday and Wednesday. This failure is weighing heavily on USD/JPY.

USD/CAD

Trading strategy: Short

Open: 1.3065

Target: 1.2795

Stop-loss: 1.2970 (lowered from 1.3200)

Recommended size: 1.44 mini lots per $10,000 in your account

Short analysis: The pair broke below the 76.4% Fibo of 1.2887-1.3225 rise (1.2967). Our short is in good shape now. We have locked in profit at 1.2970.

AUD/USD

Trading strategy: Buy

Open: 0.7235

Target: -

Stop-loss: 0.7135

Recommended size: 1.50 mini lots per $10,000 in your account

Short analysis: Pair climbs above the 21-day moving average and clears 0.7230/40 resistance. RSIs are biased up and a monthly bull hammer candle is forming. Bull sentiment is elevated. A bid is placed at 0.7235.

EUR/GBP

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: The EUR/GBP is below its daily cloud and attempting to hold a break under the 100-day moving average (0.8865). Daily negative momentum increasing but stochs yet to reflect price weakness. We stand aside.