European Session Recap & US Open July 19th- 2 Take Profits Already - Forex News by FX Leaders

European Session Recap & US Open July 19th- 2 Take Profits Already

Posted Wednesday, July 19, 2017 by
Arslan Butt • 1 min read

So far, the market has traded in our favor during the Asian and European session. Our forex trading signal on gold and WTI crude oil made a nice profit. Since we are lacking events expected to move the market, the forex pairs haven't traded a lot, except for Swiss Francs currency pairs. Let's take a quick look at the market recap & forecast.

European Session Recap

Gold traded according to our forecast, falling from $1241.50 to the target of $1236. This helped us secure nearly +50 pips.

Similarly, the previous update on WTI crude oil was a success. It soared above $46 to target $46.45, our take profit level.

Stock market indices have traded mostly sideways due to the lack of fundamentals.

Australian leading index released at -0.1%,  falling below the previous figure of 0.0%. However, this had a muted impact on the market.

New York Session Forecast

The real game is likely to begin now. We need to focus on the following things:

Gold is good in a sell mode until it's below $1242 with a target of $1236 & $1233.

Crude oil is stuck in a range of $46 – $46.85,  which is likely to be violated in the US session.

S&P 500 // SPX has an immediate resistance at $2463. I won't enter a buy until the US index breaks this level.

At 12:30 GMT we have the release of US Building Permits figures. These may impact gold and Forex pairs.

Most importantly, the EIA Crude Oil Inventories are due at 14:30 (GMT). High volatility is expected.

Good luck & trade carefully!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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