This is how MyFXspot.com trades today:
EUR/USD
Trading strategy: Long
Open: 1.1530
Target: 1.1750
Stop-loss: 1.1430
Recommended size: 1.50 mini lots per $10,000 in your account
Short analysis: We can see solid support below the daily cloud base, 1.1546. EUR/USD bears need a close below this base to change the market sentiment. We remain long at 1.1530.
GBP/USD
Trading strategy: Long
Open: 1.3110
Target: 1.3240
Stop-loss: 1.3045
Recommended size: 2.31 mini lots per $10,000 in your account
Short analysis: Bearish key day Friday sets up weak Monday start. We used today’s dip to open a long position. Long lower wick on today’s candle suggests a recovery is due.
USD/JPY
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: USD/JPY saw the biggest one-week fall since February to register a weekly close well below the 200-week MA, now at 113.14, to set up a bearish bias going forwards. The scope grows for further losses down to 110.73 Fibonacci level, a 38.2 retrace of the 104.56 to 114.55 2018 rise and the 30-week MA, currently at 110.45.
USD/CAD
Trading strategy: Short
Open: 1.2950
Target: 1.2700
Stop-loss: 1.3075
Recommended size: 1.54 mini lots per $10,000 in your account
Short analysis: The CAD recovered slightly against the USD on Thursday and Friday, but the loonie lost ground for the week as investors worried about threats to the global growth outlook. A break below 14-day exponential moving average (currently at 1.2978) may add fuel to our short trade.
AUD/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: A new short-term high is set, daily RSI is biased and the pair clears the 10-day MA. Monthly RSI remains biased down and the pair struggles to break above the 76.4% Fibo of the 2016-18 rally. The 2018 down trend remains formidable. We will stand aside until clearer signs appear.
EUR/GBP
Trading strategy: Long
Open: 0.8760
Target: 0.8860
Stop-loss: 0.8760 (raised from 0.8710)
Recommended size: 3.03 mini lots per $10,000 in your account
Short analysis: The EUR/GBP broke above 7-day exponential moving average and is trying to close the day above 23.6% Fibo of August-October fall. Our long is in good shape, but long upper wick on today’s candle is worrying. We have raised stop-loss to the entry point.
Our research is based on information obtained from or are based upon public information sources. We consider them to be reliable but we assume no liability of their completeness and accuracy. All analyses and opinions found in our reports are the independent judgment of their authors at the time of writing. The opinions are for information purposes only and are neither an offer nor a recommendation to purchase or sell securities. By reading our research you fully agree we are not liable for any decisions you make regarding any information provided in our reports. Investing, trading and speculation in any financial markets may involve high risk of loss. We strongly advise you to do your own research before making any investment decision.
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