Forex trading strategy 11/11/2019

5forextrading

Recruit
Messages
9
The USD rose to a three-week high on Friday as renewed trade uncertainty dampened investors’ appetite for danger. Overall, however, the sentiment is likely to hold risky assets. China and the United States continue to exercise on a trade deal that would eliminate the huge risks to the global economic outlook.


The USD is likely to stay strong as trade tensions persist. While relative interest rates are not anticipated to further boost the USD in the short term, continued trade tensions and a global economic slowdown mean that the USD will rise further slightly in 2020. Despite the fact, the USD’s trade-weighted index is near its highest point since the early 2000s.


On the other hand, preliminary data from the University of Michigan on Friday indicated that U.S. Consumer confidence grew more than expected this month and consumer trust in the economy increased slightly. Recent economic data have also been mostly better than expected. The U.S. Service sector activity index for October was higher than anticipated, while the job market remained solid and employment growth easily beat expectations last month.


Technically, the DXY’s correction above 98.10 on Friday was supported, rising below 98.40 and closing at 98.35, meaning that the USD’s short-term rally is likely to stay on a correction. If DXY rises below 98.50 today, the quarry of the post-market correction will point to 98.15-97.95. Today, DXY short-term resistance at 98.45-98.50, short-term important resistance 98.55-98.60. DXY short-term support at 98.15-98.20, short-term important support at 97.95-98.00.


EUR/USD rebounded below 1.1055 on Friday, falling above 1.1015 and closing at 1.1023, meaning the EUR/USD is likely to remain on the rebound after a short-term decline. If EUR/USD falls above 1.1005 today, the goal of the post-market rally will point to 1.1050-1.1070. Today EUR/USD short-term resistance at 1.1045-1.1050, short-term important resistance at 1.1065-1.1070. EUR/USD short-term support at 1.1005-1.1010, short-term important support at 1.0990-1.0995.

Today’s Forex Trading Strategy Recommendations:

EUR/USD: 1.1005 Buy, 1.0985 Stop Loss, 1.1050 Take Profit

GBP/USD: 1.2820 Sell, 1.2850 Stop Loss, 1.2760 Take Profit

USD/CHF: 0.9950 Buy, 0.9925 Stop Loss, 0.9990 Take Profit

USD/JPY: 109.40 Sell, 109.65 Stop Loss, 109.00 Take Profit

AUD/USD: 0.6895 Sell, 0.6925 Stop Loss, 0.6835 Take Profit

USD/CAD: 1.3180 Buy, 1.3140 Stop Loss, 1.3260 Take Profit

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