Top Things to Watch During The U.S. Session Today
Arslan Butt • 1 min read
The global financial markets are trading sideways ahead of the ECB rate decision. The U.S- Chinese trade war tension has taken center stage for dollar-denominated instruments, and current operations of geopolitical and global economic events have given all major safe-haven instruments a boost in value. Watch out for these 5 things during the New York session today…
Gold – Triple Top Pattern
Recalling my earlier update Gold on Front Foot Ahead of European Trading – Placing the Sell Limit, the idea is to stay in sell below $1,306 and the market is almost there. But we are very close to the news (ECB rate decision), so I just removed the sell limit. I will probably take a manual entry after the press conference.
Nikkei – Bearish Trendline Setup
Global stock market indices are trading down ahead of the ECB press conference. Japan’s Nikkei is also trading bearish and has violated a solid support level of $22,800. For the moment, the same level is working as a resistance. I will be looking to take a sell position below $22,800 with a small stop loss of 30/40 pips to target 60 pips.
GBP/JPY – Triple Top Level
Lastly, the GBP/JPY has soared below a triple top resistance zone of 147.850 and that’s where I would be looking to take my sell position. The stop is likely to be at 148.150 along with a take profit of 147.450.
Retail Sales m/m – 12:30 (GMT)
Economists are expecting a 0.4% rise in retail sales and 0.5% rise in core retail sales. A higher number of sales indicate a higher inflation and growing economy. So, the positive data will be good for the greenback.
Good luck and trade with care!