July 27th – Major Trade Setups For US Session
Arslan Butt • 1 min read
The greenback has just extended it's Asian & European session losses due to a dovish FOMC. We already discuss this in much more detail in our previous updates.
Today, our forex trading signal on Nikkei closed in profit. However, we didn't have much luck with crude oil and lost nearly 20 pips. However, the trading signal in gold is showing some gains, hopefully, we will get our take profit during the US session.
Let's take a quick look at the US session forecast:
– Gold is still holding below an intra-day resistance of $1264 and looking to target $1259 & $1256. Traders, make sure not to sell above $1264.
– Crude oil is following a random path and becoming a bit complicated to analyze. At this moment, it's holding below $48.85, the crucial trading level. I wouldn't really recommend entering a trade now, but refer to our previous update "Ascending Triangle Breakout – Black Crack Bulls" if you do want to take a position.
– The bullish momentum of S&P 500 seems weaker now as it's holding below a triple top resistance level of $2481. On the lower side, it has a bullish trend line support $2476. Look to sell only below $2476 to target $2469.
– I see two entries in the EUR/USD, one at $1.1710 (CMP) and second entry at $1.1670 with a target of $1.1750.
– Buckle up as at 12:30 (GMT), we have three fundamentals to trade:
- Core Durable Goods Orders m/m
- Unemployment Claims
- Durable Goods Orders m/m
Good luck traders and trade with care!