MyFXspot.com trading strategies:
EUR/USD
Trading strategy: Buy
Open: 1.1360
Target: –
Stop-loss: 1.1285
Recommended size: 2.00 mini lots per $10,000 in your account
Short analysis: Bull sentiment increases as a new short-term high is set. Rising RSIs and holds above the 10- and 21-day MAs bolster bull sentiment. We look to buy a dip toward 1.1360 and will look for a test of the 1.1500 area once we are long.
GBP/USD
Trading strategy: Await signal
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: Daily stochs are flatlining but momentum is confirming the rebound. Weekly technicals still highlights sterling’s plight. In our opinion, GBP/USD may be volatile in the coming days. We stay sideways due to elevated risk.
Trading strategy: Sell
Open: 113.10
Target: –
Stop-loss: 113.90
Recommended size: 2.11 mini lots per $10,000 in your account
Short analysis: New November lows after breaking below the daily Kijun and 55-day MA set the stage for testing the rising 100-day MA and Cloud base at 112.05/16. Close below the 100-day MA would end 2018 streak of 6 violations with no closes below it. Offer is at Thursday’s low by the 21-day moving average.
USD/CAD
Trading strategy: Short
Open: 1.3230
Target: 1.3120
Stop-loss: 1.3285
Recommended size: 3.61 mini lots per $10,000 in your account
Short analysis: The CAD weakened against the USD on Monday, as oil prices slipped and global risk appetite remained in check. The price of oil, one of Canada’s major exports, fell by about 1% on Monday, snapping a three-day streak of gains, as investors weighed up the effectiveness of a potential cut in supply from OPEC and possibly other exporters in the face of rapidly rising global output. We remain short.
AUD/USD
Trading strategy: Long
Open: 0.7220
Target: 0.7420
Stop-loss: 0.7120
Recommended size: 1.50 mini lots per $10,000 in your account
Short analysis: Our long remains in the black. Monthly RSI is biased up and the pair holds above the 23.6% Fibo of 0.8136-0.7021. Daily RSI turns from overbought territory though. Consolidation is likely. Once consolidation end the rally should resume. The target remains 0.7420.
