August 1st – Quick Plan For The US Session - Forex News by FX Leaders

August 1st – Quick Plan For The US Session

Posted Tuesday, August 1, 2017 by
Arslan Butt • 1 min read

Like yesterday, the market is too slow to trade. Thankfully though, we got another take profit in gold so, for us, it wasn't that bad. Let's figure out the plan for the US session so we can hopefully continue profiting. 

Gold – Our trading signal is closed at take profit $1266 for the second day. Now, we have two trade ideas: First, I will be waiting for the market to test $1262 to take a buying entry in order to target $1270. Second, I will be looking to reenter the market below $1270 only if the US fundamentals are in support.

Nikkei – Our forex trading signal on Nikkei is floating in profit. Investors are advised to move their stops at break even to avoid the reversals. However, it's very likely to hit our TP at $20030 during the US session.

EUR/USD – Trading exactly as I shared in the earlier update. The prices fell closer to the suggested entry level of $1.1800 and now the market is trading 20 pips in profit. Now it all depends on US economic events. There is an indication that the Euro will try to target $1.1840.

Crude Oil – Pressing lower at $49.90, where it has a support. A break below this level is likely to push it lower to $49.25.

At 14:00 (GMT), investors need to watch for the ISM Manufacturing PMI from the United State. Most importantly, at 22:45 (GMT) there is the release of the New Zealand labor market figures.

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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