July 26th – Major Trade Setups For The US Session - Forex News by FX Leaders

July 26th – Major Trade Setups For The US Session

Posted Wednesday, July 26, 2017 by
Arslan Butt • 1 min read

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!

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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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