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!

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