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.
Trading ideas by MyFXspot.com