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By MyFXspot researchForexMar 07, 2018 11:33AM ET
By MyFXspot research   |  Mar 07, 2018 11:33AM ET
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Top White House economic adviser Gary Cohn, who became a key architect of the 2017 tax overhaul and a bulwark against protectionist forces within the Trump administration, resigned. Cohn's resignation came after Trump said he was sticking with plans to impose hefty tariffs on steel and aluminum imports. While the measures on their own are relatively small, the risk is that an emboldened Trump administration will push ahead with a full-scale economic confrontation with China.

Today at 19:00 GMT the Fed releases its Beige Book, in which it will likely reiterate that the economy expanded at a modest to moderate pace in the winter months. The report should also once again highlight increasing tightness in labor-market conditions, while inflationary pressure has intensified.

The Bank of Canada kept interest rates steady, as widely expected. Reiterating its key January phrasing word-for-word, the bank said that while more hikes are probably warranted, some continued monetary policy accommodation will likely be needed to keep the economy operating close to potential and inflation on target, and pledged caution in considering future rate moves.

The Australian economy advanced 0.4% in the fourth quarter of 2017, less than market consensus of a 0.5% expansion and after an upwardly revised 0.7% growth in the previous quarter.

This is how our forex trading strategies look:

Trading strategy: Long
Open: 1.2330
Target: 1.2580
Stop-loss: 1.2210
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: The EUR/USD bulls managed to register a daily close above the 30-day SMA, which is currently at 1.2355, this increases the likelihood for further gains to the 30-day upper Bollinger® band, currently at 1.2511, and February 16 high at 1.2555.
Previous position: Short opened at 1.2300, profit taken at 1.2180, earned: 120 pips, $328 per $10,000 in your account

Trading strategy: Long
Open: 1.3780
Target: 1.4100
Stop-loss: 1.3640
Recommended size: 1.07 mini lots per $10,000 in your account
Short analysis: The GBP/USD broke above 7-day EMA and bulls need a break above the 14-day EMA and yesterday’s high at 1.3929 now. A close below that level may weaken bullish momentum.
Previous position: Short opened at 1.3930. Profit taken at 1.3770, earned: 160 pips, $301 per $10,000 in your account

Trading strategy: Short
Open: 106.20
Target: 104.20
Stop-loss: 107.20
Recommended size: 1.58 mini lots per $10,000 in your account
Short analysis: The market is capped by the 106.48 Fibonacci level, 23.6% retrace of ther 110.48 to 105.24 fall. 14-day momentum remains negative, reinforcing the bearish market structure. We remain short at 106.20 for 104.20.
Previous position: Short opened at 107.80. Profit taken at 107.40, earned: 40 pips, $53 per $10,000 in your account

Trading strategy: Await signals
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Yesterday’s correction is not being continued today. The pair remains above short-term moving averages and further upward move cannot be excluded. In our opinions much depends on new developments on the trade-war story here. That is why we do not open a new position.
Previous position: Short opened at 1.2820. Stop-loss hit at 1.2930, lost: 110 pips, $150 per $10,000 in your account

Trading strategy: Long
Open: 0.7805
Target: 0.8010
Stop-loss: 0.7705
Recommended size: 2.00 mini lots per $10,000 in your account
Short analysis: The AUD/USD broke to the topside from recent consolidation and then clears the 200- and 7-Day SMAs despite weaker-than-expected GDP data. RSIs are biased up so a further bounce is likely. Our bid at 0.7805 was filled today and our target is 0.8010 now.
Previous position: Short opened at 0.7845. Profit taken at 0.7785, earned: 60 pips, $180 per $10,000 in your account

Trading strategy: Buy
Open: 0.8880
Target: -
Stop-loss: 0.8815
Recommended size: 1.12 mini lots per $10,000 in your account
Short analysis: We keep our bid unchanged as some volatility is likely this week and a temporary dip below 0.8900 cannot be excluded.
Previous position: Short opened at 0.8790. Stop-loss hit 0.8830, lost: 40 pips, -$100 pips per $10,000 in your account



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