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EUR/USD Long In Good Shape, AUD/USD Long Back In Black

ByMyFXspot research
Published 05/31/2018, 09:55 AM
Updated 07/09/2023, 06:31 AM

Inflation in the euro zone rose to 1.9% from 1.2% in April, well above expectations for a 1.6% increase.

The Bank of Canada held interest rates steady yesterday but its in less-dovish-than-expected statement signaled that higher borrowing costs could come as soon as its next meeting in July.

MyFXspot.com Trades

EUR/USD

Trading strategy: Long
Open: 1.1600
Target: 1.1780
Stop-loss: 1.1510
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: In line with our expectations, Eurozone inflation data exceeded market consensus and supported EUR/USD bulls. We remain long.

GBP/USD

Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The GBP/USD is testing 7-day exponential moving average. A close above this line will be a recovery signal, but we will wait for more signals before opening a new trade here.

USD/JPY

Trading strategy: Short
Open: 109.50
Target: 107.90
Stop-loss: 109.40 (lowered from 110.30)
Recommended size: 2.50 mini lots per $10,000 in your account
Short analysis: The USD/JPY found support ahead of the major 107.98 Fibonacci level this week, 50% retrace of the 104.56 to 111.39 (March to May) rise, but the bounce will likely fade out ahead of the 30-DMA now at 109.51. We remain short in anticipation of a bearish resumption in coming sessions.

USD/CAD

Trading strategy: Short
Open: 1.2830
Target: 1.2610
Stop-loss: 1.2900
Recommended size: 1.50 mini lots per $10,000 in your account
Short analysis: The USD/CAD dropped after BoC decision and less-dovish-than-expected statement. We got short today at 1.2830.

AUD/USD

Trading strategy: Long
Open: 0.7555
Target: 0.7800
Stop-loss: 0.7420
Recommended size: 1.48 mini lots per $10,000 in your account
Short analysis: Price is back above the 10 & 21-DSMAs and daily RSI diverged on yesterday's low. Our long is back in black.

EUR/GBP

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Trading strategy: Long
Open: 0.8780
Target: 0.8960
Stop-loss: 0.8690
Recommended size: 1.22 mini lots per $10,000 in your account
Short analysis: The EUR/GBP made strong gains on Wednesday to close above the 30-DMA which is now at 0.8771. A close above that level would be a good sign for our long trade.

USD

Trading ideas by MyFXspot.com

Latest comments

USD will be stronger and similar situations we have on other pairs with USD, so play accordingly
Wojtek calm down, do not have long on eur / usd all 1.173 and down. Now, we will have a consolidation week before the fall .range 1.173-1.165 - hold short positions
With regards. Look at your wording. Here I paste for you. Trading strategy: Short Open: 109.50 Target: 107.90 Stop-loss: 109.40 (lowered from 110.30) How could be stop loss 109.40 short opening at 109.50? Do you mean 110.4?
Hello. You can lower your stop-loss below opening level to lock in small profit on your short position. A flexible stop-loss could be a good idea sometimes.
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