This is how MyFXspot.com trades now:
EUR/USD
Trading strategy: Await signal
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: While the outlook is quite negative due to daily close below 1.1497, 61.8% of the 1.1301-1.1815 rise, trading near the 30-day lower bolli-band, now at 1.1499, hints that the market is oversold. We are waiting for U.S. non-farm payrolls. In our opinion this release may change market picture.
GBP/USD
Trading strategy: Await signal
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: GBP/USD extended gains on Thursday to rise back above 1.30 after an EU source close to the negotiations said Britain’s new proposals were positive. Bearish momentum is fading and U.S. non-farm payrolls are likely to be a breaking event for near-term trend.
USD/JPY
Trading strategy: Await signal
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: The USD/JPY posted its biggest one-day gain since July when in closed up on Wednesday 92 pips. The market has been trading comfortably above the 200-week moving average, now at 113.21, leading us to deduce the bias is on the upside. Scope growing for gains to test 115.33 Fibo, a 76.4% retrace of the 18.66 to 104.56 (Dec 2016 to Mar 2018) fall. Today’s price action suggests that a deeper corrective move is likely here, especially if U.S. non-farm payrolls disappoint tomorrow. We have canceled our bid.
USD/CAD
Trading strategy: Sell
Open: 1.2950
Target: –
Stop-loss: 1.3075
Recommended size: 1.54 mini lots per $10,000 in your account
Short analysis: Canada’s jobs data for September and August trade data are due on Friday and could help guide expectations for another Bank of Canada interest rate hike as soon this month. We keep USD/CAD sell order at 1.2950.
