July 26th – Major Trade Setups For The US Session
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!