Four Major Trade Setups – U.S. Prelim GDP In Focus
Arslan Butt • 1 min read
The financial market is consolidating in ranges before the release of major catalysts in the U.S. session. Let's take a look at the top trade setups for the U.S. session.
Nikkei – The forex trading signal on Nikkei is still active. The idea is to stay in sell below $19550 as it's a crucial level. The stop should be $19850 while targeting $19350.
Gold – Referring to my previous article, 100 Pips Closed In Gold – What’s Next?, the gold traded exactly as forecasted. For now, keep an eye on $1314 to sell and $1306 for buying.
Upon the release of U.S. GDP figure, the bullish breakout will lead gold towards $1319. A downside breakout will lead gold towards $1300 & $1294. Everything is dependent upon economic events.
S&P 500 // SPX – Selling is recommended below $2452 with a stop above, to target $2439.
CAD/JPY – The cross pair is trading at a crucial trading level and can make us a nice profit. I'm looking to stay in sell below $87.85 with a minor stop above $88.05 and take profit at $87.250.