Top 3 Trade Setups Worth Watching in the US Session - Forex News by FX Leaders

Top 3 Trade Setups Worth Watching in the US Session

Posted Thursday, July 19, 2018 by
Arslan Butt • 1 min read

The Asian & London sessions remain in our favor as we made nice profits in gold and EUR/JPY. The market got massively volatile on the release of retail sales figures from the UK. The figure dipped by -0.5% vs. 1.4%, hurting the Bank of England’s August rate hike sentiment. Here’s what we need to see before trading the US session.

Gold – Bearish Trend Continues

Our first gold trading signal closed at take profit near $1,217. We opened another sell position below $1,218 to target $1,213. At the moment, the position is making like 25 pips and all we need is to move our stops at the breakeven point to avoid reversals.

EUR/JPY – Violates Intraday Support

The cross currency pair has violated the double bottom support level of 131.065. It was sort of a descending triangle pattern which was expected to violate on the lower side. So, we decided to open a forex trading signal to sell at 131.150 to target 130.850.

Fellas, the position is floating in profit and very likely to hit take profit. Let’s move the stop loss at a breakeven level to avoid reversals.

Stock Market Indices

Are you wondering why we didn’t open any signal on the indices? Well, this week is fully loaded with top-tier earnings reports which are causing sudden fluctuations in the market. Investors will be eyeing earnings reports from Microsoft (NASDAQ:MSFT), Advanced Micro Devices (NASDAQ:AMD) and Blackstone (NYSE:BX) today.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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