Morning Brief: Top Trades for Friday Morning - Forex News by FX Leaders

Morning Brief: Top Trades for Friday Morning

Posted Thursday, August 17, 2017 by
Rowan Crosby • 1 min read

Good morning traders.

There’s been more carnage on equity markets overnight as terror fears and more scandal from Donald Trump, rattled US stock markets.

US President Donald Trump disbanded two advisory councils and then attacked congress in more controversy for the administration. If that wasn’t enough a van ploughed into pedestrians in Barcelona in a suspected terror attack. These developments sank investor confidence and US stocks got hurt badly with the S&P 500 down more than 1.5% and the Nasdaq down 1.9%.

Downside Momentum

It was literally only last week the S&P 500 fell 1.4% on the back of US President Trump and his battles with North Korea.

So today I think we need to look for the same sort of patterns to play out. The first thing I’m interested in is whether the decline in equities can follow through. The obvious trade here is for a continuation of downside momentum in the Nikkei.

Trade Idea

We have a key level at 19300 that I suspect we might be able to test. So depending on the open, if there’s momentum I’ll be looking for some follow through here. I want to see opening momentum and a move towards the lows. Then we can use the 19300 level as a target.

Nikkei Friday

Data Front

It’s a quiet day on the data front in Asia so today will be dominated by sentiment.

Levels

Support

Resistance

19300

19800

19175

19875

19000

20000

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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