3 Trade-Ideas for the US Session – ISM Non-Manufacturing In Focus - Forex News by FX Leaders

3 Trade-Ideas for the US Session – ISM Non-Manufacturing In Focus

Posted Monday, February 5, 2018 by
Arslan Butt • 1 min read

Good afternoon, FX Junkies. The market traded in our favor to help us a mature some profit on DAX and CAC, the European indices. In the US session, we may see some action on the release of ISM Non-Manufacturing PMI today. Overall, the figure is forecasted to be negative.  

Gold – 38.2% Retracement

Recalling our earlier update, the Gold made a bullish move towards $1,336 and it has formed a neutral candle. It looks like the investors are feeling hesitant to enter the market before News. Anyways, the crucial level of Gold is $1,337.

EUR/JPY – Descending Triangle Pattern

We shorted the Japanese cross at 136.700 during the European session, but the market hasn’t moved a lot and the pair is consolidating right above our entry. Our stop is above $137 and takes profit is at $136.350. All we need is a bearish breakout on the descending triangle in the US session. Keep an eye on it.  

S&P500 – The US Index  

The US stock market index SPX is facing solid resistance at $2,754 and it has formed a tweezers top pattern right below this level. So, the market is likely to drop below $2,754 up to $2,736 and $2,730. Good luck and trade with care!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments