TRADING
TIPS :
The GBP/USD pair dropped to 1.5650
raising questions on whether the breakout from the multi-week range
of 1.5460-1.5690 was a bull trap. The spot turned lower from the
7-week high of 1.5819 seen on Tuesday after China’s rate cut pushed
the markets into stabilization mode. The USD was ditched on Monday,
leading to an upside breakout in the GBP/USD pair from the multi-week
range of 1.5460-1.5690 levels. The focus now shifts to the US durable
goods figure for July. The market expects the headline figure to
print at -0.4% from June’s 3.4%. However, the markets would be more
interested to see if core durable goods have ticked higher.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5560 TARGET 1.5580 1.5610 SL 1.5530
SELL
GBPUSD BELOW 1.5430 TARGET 1.5410 1.5380 SL 1.5460
RECOMMENDATION:
BUY EURUSD ABOVE
1.1440 TARGET 1.1460 1.1490 SL 1.1410
SELL EURUSD BELOW
1.1235 TARGET 1.1215 1.1185 SL 1.1265
0 comments:
Post a Comment