July 26th – Major Trade Setups For The US Session


The Asian & European session weren't very exciting, but the good news is that our forex trading signal on gold managed to hit take profit level at $1248. Now, let's get ready for the action waiting for us in the US session. It's gonna be exciting.

 

 Though we aren't in a gold trade now, I'm still looking for an opportunity to enter the market at $1244 with a target of $1250 & $1256.

Crude Oil is still below $48.60, so let's wait for the EIA reports. A lower than anticipated draw is likely to lead it towards $47.65 & $47.25.

Fed Monetary Policy is due at 18:00 (GMT) in which Federal Funds Rate is expected to remain unchanged at 1.25%. We need to look for clues about the next rate hike, plus tapering of the asset purchase program.

EUR/USD has above support $1.1620 and resistance at $1.1680. We have 2 options here. First is to trade this range, second is to wait for the breakout. It all depends on the Fed now.

Our trading signal on Nikkei is still tossing in profit & loss, though mostly at break even. We are likely to get our TP (take profit) during the US session.

Good luck traders and trade with care!

 
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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