Profit Taken On GBP/USD Long, EUR/USD Still Bullish

The GBP/USD rose above 1.32 on Wednesday after European Union Brexit negotiator Michel Barnier signaled progress on a deal with Britain over its withdrawal from the bloc, as well as on the crucial Irish border question. Our long position reached its target.

Tuesday’s EUR/USD candlestick line hints at a rejection of the downside. We keep our bullish view with long opened at 1.1530.

This is how MyFXspot.com trades now:

EUR/USD

Trading strategy: Long

Open: 1.1530Target: 1.1750

Stop-loss: 1.1430

Recommended size: 1.50 mini lots per $10,000 in your account

Short analysis: EUR/USD could be gearing up for another assault on the daily cloud, which now spans 1.1546-75, as the long tail on Tuesday’s candlestick line hints at a rejection of the downside. The fact that the market found support ahead of the 1.1422 Fibo level, a 76.4% retrace of the 1.1301 to 1.1815 (August to September) rise, adds to the odds of a full blown recovery. We remain long.

GBP/USD

Trading strategy: Buy

Open: 1.3110

Target: –

Stop-loss: 1.3045

Recommended size: 2.31 mini lots per $10,000 in your account

Short analysis: Profit taken on GBP/USD long at 1.3200, earned: 150 pips, $300 per $10,000 in your account. The GBP/USD broke above the 100-day moving average, 1.3104, and the nearest resistance level is 1.3218 Sept 26 high. We will be looking to buy again on dips.

USD/JPY

Trading strategy: Await signal

Open: –

Target: –

Stop-loss: –

Recommended size: –

Short analysis: USD/JPY traders seem to be building ahead of the key 112.73 Fibo, a 38.2% retrace of the 109.78 to 114.55 (August to October) rise, with today’s low being registered at the 21-day moving average, which is now at 112.93. Tenkan and kijun lines are positively aligned, reinforcing the overall upside bias. Bulls need a break above Tuesday’s high to be confident of a recovery. 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 edged lower against the USD on Wednesday as oil prices fell and U.S. Treasury yields climbed toward multiyear peaks. The nearest resistance level is 55-day moving average (1.3019). We remain short, as upcoming BoC interest rate hike should support the loonie.

AUD/USD

Trading strategy: Await signal

Open: –

Target: –

Stop-loss: –

Recommended size: –

Short analysis: The AUD/USD will probably fail to close above 7-day exponential moving average today. Monthly RSI remains biased down and the pair holds below the 76.4% Fibo of the 2016-18 rally. Signals are a bit mixed so we will stand aside for now.

EUR/GBP

Trading strategy: Await signal

Open: –

Target: –

Stop-loss: –

Recommended size: –

Short analysis: Another trend low below the lower 30-day moving average Bolli. Bearish daily momentum is increasing but stochs looking to turn higher from o/s levels. We stand aside.

USD

Trading ideas by MyFXspot.com

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