Chinese President Xi Jinping pledged on Tuesday to further open China’s economy and cut tariffs this year, in a speech seen as an attempt to defuse an escalating trade dispute with the United States.
The pound rose to a two-week high on Tuesday after the dollar fell and a top policymaker said the Bank of England should press ahead with an interest rate hike to curb inflation.
We took profit on USD/CAD short today. In our opinion, medium-term outlook remains bearish and we will be looking to sell this pair again on upticks.
This is how my trades were today:
EUR/USD
Trading strategy: Long
Open: 1.2220
Target: 1.2470
Stop-loss: 1.2140
Recommended size: 2.50 mini lots per $10,000 in your account
Short analysis: The EUR/USD rallies through the 55-day SMA. A new short-term high is set on the rally’s extension. Further gains are likely. RSIs are biased up and the pair holds above the daily cloud as well as 10, 21 & 55-day SMAs. Our long opened at 1.2220 looks good now, the target is 1.2470.
GBP/USD
Trading strategy: Long
Open: 1.4010
Target: 1.4270
Stop-loss: 1.3900
Recommended size: 1.36 mini lots per $10,000 in your account
Short analysis: Bullish trend remains intact here. The pair remains above short-term moving averages. The nearest resistance area is 1.4247/81 and our long’s target is at 1.4270.
USD/JPY
Trading strategy: Await signal
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: The dollar rose on Tuesday to a four-day high against the Japanese yen after Chinese President Xi Jinping promised to cut import tariffs, easing concerns about a U.S.-China trade conflict between that had fed safe-haven demand for yen. Trading signals are mixed. We will wait for clearer signals before opening a new position here.
USD/CAD
Trading strategy: Await signal
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: Profit taken at 1.2600 on USD/CAD short opened at 1.2900, earned: 300 pips and $410 per $10,000 in your account. In our opinion medium-term outlook remains bearish and we will be looking to sell USD/CAD again on upticks.
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