Forex trading strategy 11/07/2019

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Data on Wednesday presented a stronger-than-expected increase in German industrial orders in September, offering a glimmer of hope for the export-driven German economy, which has been hit hard by global trade tensions. This has helped the euro stabilize temporarily. Better-than-anticipated U.S. Economic data over the past week eased expectations of further monetary easing by the Federal Reserve.


Meanwhile, U.S. Productivity unexpectedly fell for the inaugural time in nearly four years in the third quarter, reported Wednesday, and labor costs accelerated, suggesting that productivity gains earlier this year were more temporary. Moreover, while the U. S. Trade account continues to constrict, the fact is that the U.S. The trade deficit narrowed in September as a outcome of the impact of rising global tariffs and a slowing economy, indicating a deepening trade slump that began last year.


The DXY’s Wednesday correction was supported above 97.75, rebounding below 98.00 and closing at 97.96, meaning the USD short-term correction is likely to stay on a rally. If the DXY pullback is supported above 97.80 today, the quarry of the post-market rally will point to 98.05-98.15. Today, DXY short-term resistance at 98.00-98.05, short-term important resistance 98.10-98.15. DXY short-term support at 97.80-97.85, short-term important support at 97.70-97.75.


EUR/USD rebounded below 1.1095 on Wednesday, with the correction supported above 1.1065 and closing at 1.1068, meaning that the EUR/USD short-term rally is likely to maintain the correction. If EUR/USD bounces below 1.1090 today, the quarry of the post-market correction will point to 1.1055-1.1045. Today EUR/USD short-term resistance at 1.1085-1.1090, short-term important resistance at 1.1100-1.1105. EUR/USD short-term support at 1.1055-1.1060, short-term important support at 1.1045-1.1050.

Today’s Forex Trading Strategy Recommendations:

EUR/USD: 1.1190 Sell, 1.1115 Stop Loss, 1.1050 Take Profit

GBP/USD: 1.2835 Buy, 1.2800 Stop Loss, 1.2915 Take Profit

USD/CHF: 0.9910 Buy, 0.9895 Stop Loss, 0.9950 Take Profit

USD/JPY: 109.15 Sell, 109.45 Stop Loss, 108.60 Take Profit

AUD/USD: 0.6865 Buy, 0.6840 Stop Loss, 0.6925 Take Profit

USD/CAD: 1.3150 Buy, 1.3115 Stop Loss, 1.3230 Take Profit

From https://5forextrading.com/forex-trading-strategy-11-07-2019/
 
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