Prepare To Trade Tight Ranges On An August Monday - Forex News by FX Leaders

Prepare To Trade Tight Ranges On An August Monday

Posted Monday, August 7, 2017 by
Skerdian Meta • 1 min read

Last Friday we saw the Buck spring to life for the first time in a long time. I mentioned in one of the forex updates that day that the time has come for the USD to make a comeback and for EUR/USD to begin a decent retrace lower, don’t you think?

Let's not get too carried away though, we´re still right in the middle of the summer holiday season. We´re in the middle of August and the heat seems to have paralyzed the market.

Last Monday USD/JPY climbed about 120 pips, which falls within the normal range we have seen in the recent few weeks or so.

GBP/USD made a bigger move, losing about 140 pips after the US economic data was released and the markets were relieved that the employment and average earnings numbers didn’t offer a nasty surprise. In fact, the surprise was slightly positive with the revisions from the last reading. That was the reason the USD finally got a jump start, as my colleague Ron explained in the midday brief that day.

Although, don’t expect the same today; the economic calendar is as light as it gets, with a speech from FED member Kashkari as the biggest event.

I think today we will see mostly range bound trading. I´m trying to spot ranges and pick levels to trade against. I´ll post them shortly, starting with USD/JPY, so stick around for those levels.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles

Leave a Reply

Notify of