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The weakness of Eurozone, the mercy of Iran and demarche of SinoSome cases are still unresolved also news that the Chinese delegation has cancelled a planned visit to American farms only exacerbates. So yesterday's gold growth was more than logical against the backdrop of fears of the failure of negotiations on trade wars. Our position on gold is unchanged - we continue to look for points for asset purchases. This is happening against the background of a decrease in oil quotes. Moreover, there was an additional reason for bears. The decision of the Iranian authorities to release the British tanker Stena Impero. Formally, this is a signal of the tension decrease in the region. However, you should not rely on peace in the Middle East. The situation continues to be unstable, especially after the United States decided to send the military to help Saudi Arabia. However, our recommendation to sell oil remains relevant. In our opinion, the factors in favour of asset sales outweigh the arguments in favour of purchases. Among the main arguments the restoration of oil production by Saudi Arabia, fears of a decrease in demand on the oil market amid a deterioration in the global economy and the offshore revolution in the United States. Euro update. PMI indices in the whole Eurozone, as well as its key economies - Germany and France - came out distressing. Production indices everywhere dropped below 50, falling below the most pessimistic forecasts. For example, the PMI in the manufacturing sector in Germany in September reached 41.4 with a forecast 44.0 (by the way, the rate of decline in Germany's economic indicators is the highest over the past 10 years). That is, economic activity is deteriorating rapidly. Although the PMI in the Eurozone as a whole is still above 50, judging by the current dynamics, it will soon go below this mark. Yes, and the current value of 50.4 is the lowest mark for the last 4 years. Recall that we recommend selling the euro primarily against the Japanese yen, as well as the British pound. Even against the dollar, for all our disbelief in it, we are more likely to sell euros than buy. Moreover, the data on PMI indices in the USA yesterday came out not only above 50, but also better than forecasts. Once again, we point on excellent opportunities for Russian ruble sales.
Long
by Trade24Fx
ORBEX: EURUSD, USDJPY, GBPUSD On The Move!In today's #marketinsights video recording I analyse EURUSD, USDJPY and GBPUSD #Euro down on: - Disappointing German Manufacturing PMI (actual 41.4 vs expected 44.1 vs previous 43.5) - ECB could have made a mistake talking somewhat 'neutral' - Draghi's speech hinted to high uncertainty, decision-making harder and harder #Yen down on: - Disappointing Japanese Manufacturing PMI (actual 48.9 vs expected 49.8 vs previous 49.3) - Potential stimulus measures - Potential US-Iran deal #Dollar up on: - Trade talk optimism - Markit Manufacturing PMI (actual 51 vs expected 50.4 vs previous 50.3) #Pound down on: - Thomas cook sentiment - Parliament prorogation sentiment - Barnier's pessimistic comments Stavros Tousios Head of Investment Research Orbex This analysis is provided as general market commentary and does not constitute investment advice
by Orbex
Euro and pound week, pressure on the dollar and weak NFPsBoris Johnson managed to turn into the worst premiere minister ever. His attempts to neutralize Parliament so he could complete Brexit by October 31 failed. As a result, Johnson lost a majority in Parliament. Why even Johnson’s brother disowned him left the Cabinet and the party. As we warned in our reviews, Johnson's defeats are pound’s strength. As a result, the pound after gaining lows since 2016, added about 400 points by the end of the week. So those of our readers who listen to our recommendations should have earned good money. As for the pound and Brexit. The legislation, which requires Johnson to ask for a three-month extension to Britain’s EU membership if parliament has not approved either a deal or consented to leave without agreement by Oct. 19, is expected to be signed into law by Queen Elizabeth on Monday. Readers could earn a couple of hundred points on our recommendation to buy AUDJPY. NFP data was the main statistical event of the past week. As we predicted, they turned out to be rather weak and below forecasts (+ 130K at the forecast + 160K). So, the dollar was under pressure. On September 18, the Fed is likely to lower the rate, and the dollar could be sold out. As for the Canadian dollar. On Wednesday, the Bank of Canada did not reduce the rate, and then on Friday the Canadian labour market showed excellent results, as the Ivey PMI Business Activity Index did. So sales of the USDCAD, despite its decline by more than 200 points, look like a good trading opportunity. The euro and the pound can gain a lot this week. As for the pound, the confrontation between Parliament and Johnson will continue. Therefore pound volatility explosions are quite likely. As for the euro, the announcement of the results of the ECB meeting will be the main event. There are a lot of are waiting for a new round of monetary easing from the Central Bank. If a new program of quantitative easing and rate cuts would enter into force then the euro will be under pressure. This week we will continue to look for points for gold purchases as last week, this tactic showed great results. Do not forget to sell the Russian ruble (the Central Bank of the Russian Federation again reduced the rate), as well as oil (supply on the market is growing amid the threat of lower demand). This week we will continue to look for points for gold purchases as last week, this tactic showed great results. Do not forget to sell the Russian ruble (the Central Bank of the Russian Federation again reduced the rate), as well as oil (supply on the market is growing amid the threat of lower demand).
Long
by Trade24Fx
Johnson loses and Pound Victory, Bank of Canada and GoldWe continue to watch the confrontation between the British Parliament and Prime Minister Boris Johnson. Boris Johnson is losing another battle. On Tuesday, Boris Johnson not only lost his working majority, but he also could not initiate early elections. As we predicted, the pound strengthened. Even the weak data on business activity in the UK could not prevent its strengthening: the PMI index of business activity in the services sector came out below forecasts (50.6 with a forecast of 51.0). The dollar continued to suffer losses in the foreign exchange market. Even the euro strengthened against it. And this even though retail sales in the Eurozone came in the negative zone (-0.6%). However, despite yesterday's growth of the EURUSD, we are rather sceptical about buying euros. Gold purchases look much more attractive and prospective under the current conditions. Another Fed rate cut in a couple of weeks (100% of traders believe in) could give an upward impulse to gold for its growth in the region of 1600. Recall that one of the key arguments against buying gold is its inability to generate guaranteed profit. But the Fed's rate-cutting cycles could lead to the dollar losing its ability to generate profit and becoming not interesting to investors. The Bank of Canada announced that it left the policy rate steady. As a result, the Canadian dollar strengthened by a hundred points against the US dollar. Central Bank is not planning to cut rates in Canada saying that there are no reasons for that yat. Today, as for macroeconomic statistics, it is interesting primarily for US employment data from ADP. Weak data could trigger dollar sales - traders will not wait for official statistics on Friday and will rush to discount under weak NFPs in advance. Bears Continue To Drive The Dollar Lower so we recommend selling it since we expect a stronger wave of sales due to statistics on the US labour market. Besides, today we will buy gold and the Japanese yen. Sales of the Russian ruble and oil are also what we are interested in.
Long
by Trade24Fx
The threat, problems, and preferencesTurkish President Recep Tayyip Erdogan removed Murat Cetinkaya as the central bank governor. In fact, this is an attempt to threaten the Central Bank of Turkey of independence, so the country's monetary policy is fully synchronized with the Government’s actions and objectives. Therefore crumbled. This is a wake-up call to the world. Recall, Trump continues to weigh heavily against the Federal Reserve System, he wants a cheaper US dollar and Tight Monetary Policy. As a result, the Fed is facing another dilemma. The fact is that RATE-CUTTING could be perceived as a “response” to Trump's pressure. So there is a risk that the Fed may postpone the rate reduction in order to show that their actions are completely independent. However, we consider this option unlikely. So our recommendation to sell the dollar on the intraday basis as well as mid-term position. The head of Russia’s State Statistics Service (Rosstat), who had been responsible for Russian statistics since 2009, was removed from his position however the Russian economy is still weak. PMI indices in Russia in June went below 50 (it means a decline in business activity). It is not about crossing the mark below 50, but at the rate at which the indicators are deteriorating. For example, back in May, the PMI index for the service sector was 52 (in June 49.7), and for the industrial sector - 51.5 (in June 49.2). So the rate at the end of June dropped sharply, updating the 2016 minimums. So, our recommendation to sell the ruble at any convenient opportunity. Our trading plans and ideas are as follows. We will continue to look for points for dollar sales. We work on gold without special preferences - buy is at overbought and sell at oversold price levels. USDJPY we will sell. Medium-term purchases of pound and euro are still attractive. We will sell the Russian ruble, as well as oil.
Short
by Trade24Fx
ADP, ECB’s new head & July 4thThe publication of data on employment in the US private sector from ADP was the main even. Considering that official statistics from the US Department of Labor will be published tomorrow, traders and other financial market participants are expressing interest in. Analysts had expected growth in May (140K) however, the number is + 102K, only. On the one hand, the data is lower than forecast, on the other hand, it is significantly higher than the previous frankly disastrous numbers (recall that last month the increase was 27K, only). Well, this is a rather alarming signal. Also yesterday, data on the US trade balance was published (- $ 55.5 billion with a forecast $ 54.0). Our recommendation is “sell the dollar”. Especially, if you remember Trump's attack on the dollar. Traditionally, in Twitter, the President of the United States called for the devaluation of the dollar. And about the weak UK business activity data (Composite PMI index went below 50, that is 49.7), which increased the downward pressure on the pound. It’s too late to sell the pound and too early to buy. A similar index was published in Eurozone. The situation there is better (52.2 with the forecast 52.1). So, euro purchasing is not a bad idea ( on the intraday basis). Ms Lagarde was honored to have been nominated for the ECB presidency. According to experts, Lagarde will adhere to a stimulating monetary policy aimed at ensuring economic growth in Europe. So, the euro might be under pressure. We expect low liquidity in financial markets due to a holiday in the USA (Fourth of July – Independence Day). The “weak” market may well surprise in the form of volatility explosions, so today it is worth trading with caution. Our trading recommendations for today: we will continue to look for points for dollar sales as well as the Russian ruble. Since AUDUSD has finished the day with a 0.7020 mark, we do not sell it, duo to further growth. Sell oil. As for gold, today we are working without obvious preferences on the oscillator signals.
Short
by Trade24Fx
2
US record, OPEC decision, Australian dollar under threatOn Monday, the markets continued to try to incorporate with the prices the G20 summit results. What Trump declared to be the victory in a trade war but is actually not. So, yesterday we observed the appearance of inefficiencies in financial markets that could be used to make money. In particular, we are talking about the gold falls into the bottoms of 1380-s, which can and should be used for asset purchases and earnings, as well as the growth of the Australian dollar above 0.70, which should be used to sell AUDUSD. About the Australian dollar. Today, the Reserve Bank of Australia cut the rate for the second time in a row (this time from 1.25% to 1%). We believe that this is quite a serious signal to sell AUDUSD. Ideal prices for opening short sales are in the area of 0.7000-0.7020. In this case, stops can be placed above 0.7040, and profits - in the area of 0.6870. Yesterday could be decisive for the dynamics of oil over the next few months. But the outcome of the OPEC meeting was too obvious. The cartel decided to extend the OPEC + No. 2 contract for 9 months until March 2020. Current progress in a trade war is a positive sign for oil. Well, all points are in favor of asset purchases. However, there might be a trap. Given the current consensus, oil growth will need something more than just an extension. For example, an increase in the volume of reductions or some additional conditions that narrow the supply on the oil market. But these conditions remained unchanged. In addition, a potential uncertainty factor is a participation in deal countries outside the cartel. Today, Russia and other countries must agree on their decision and position. At best, they will agree with the OPEC deal, which is already taken into account in the price, at worst they can announce their particular position, which can be an unpleasant surprise for buyers. Total, while oil is below $ 60 (WTI brand), we recommend selling it. We put small stops in this case (above $ 60.40), but profits can be set fairly solid, up to the bottom $ 50. Meanwhile, the United States recorded a new record: 121 months of continuous economic growth. This is a record in the entire history since 1854. Given the potential easing of monetary policy by the Fed, the United States has good chances to extend this series, as evidenced by yesterday's data on US business activity. The ISM index in the non-production sector in June was 51.7 points (forecast: 51.0), which testifies in favor of the growth of economic activity in the country. What cannot be said about the Eurozone, where the PMI index in the manufacturing sector in June was significantly lower than 50 (47.6, with the forecast of 47.8) and was the lowest since 2013. Unpleasantly surprised China, whose PMI in the manufacturing sector was also below 50 (49.4). Our trading preferences for today are as follows: we will continue to look for convenient sales opportunities for the dollar and the Russian ruble. In addition, we will continue to sell AUDUSD. We are selling oil today, but we are closely following the outcome of the OPEC meeting. As for gold, we will continue to work without obvious preferences, selling from overbought and buying from oversold.
FX:USOILShort
by Trade24Fx
Dollar, 15 years of war, the terrible May & resignation of MayYesterday was quite volatile. Actually, nothing fundamentally new has happened. First of all, the pound has traditionally updated the new local minima. Theresa May’s resignation seems to have already been resolved for the markets. According to The Times, May will announce her resignation today (Boris Johnson probably will take her place). Despite such an obvious fundamental negative, we believe that the worst has already happened and taken into account the current price of a pound by the markets. So, any changes in the UK will benefit the British currency. Therefore, today we will continue to look for points for pound buying on the intraday basis and in the medium-term. Meanwhile, analysts are continuing to assess the potential effect of the trade war escalation between the United States and China. In this regard, quite interesting is the assessment of the chief researcher of the Chinese Center for International Economic Exchanges, who said that the United States and China are moving into a new reality of mutual relations, which can be called “fight and talk”. And it will last not for a month, two months or a year. According to Zhang Yansheng, this state will last for many years and will end no earlier than 2035. According to the expert, exactly that period of time deemed necessary to move from “irrational confrontation” to “rational cooperation”. The forecast is pessimistic, but it makes you think that the current reality is something serious and for a long time. Meanwhile, May was just a nightmare for the technology sector in China. Here is an instance: Tencent Holdings Ltd., Alibaba Group Holding Ltd., and Taiwan Semiconductor Manufacturing Co. the lost over a month is $ 170 billion of capitalization (!!!). A block of data on business activity indices in Europe and the USA was published yesterday. The situation is "not ok" in Europe. The PMI in the manufacturing sector in Germany is still below 50 (value for May 44.3). Germany's IFO Expectations Index is at 4-year lows. So, the main economy of the Eurozone seems frankly unhealthy. At the same time, the Composite PMI index for the Eurozone appeared slightly worse than expected, but it turned out to be above 50 (value for May is 51.6). So, for the euro buyers, there’s nothing to rejoice at. Moreover, the data from the United States appeared even worse. Sales of new houses in the US fell by 6.9% to 673 thousand units in April. At the same time, the PMI index of business activity US manufacturing fell to 50.6 points in May (compared with 52.6 in April). This is the lowest value since September 2009. Against this background, oil continued to crumble. Those readers who listened to our advice and recommendations should have earned good money this week. Our trading positions on the last day of the week did not change much: we will look for points for buying the euro against the US dollar, sales of oil and the Russian ruble, as well as buying gold and the Japanese yen. In addition, we start buying a pound.
by Trade24Fx
Thursday's retail sales day and Friday is a day offThe latest news on Thursday. About the publication of the United States retail sales data. Unexpectedly, for most people the data turned out to be much better than forecasts (+ 1.6% m / m with the forecast of + 1.0% m / m). Recently, the US is not very pleased with macroeconomic statistics. So, everything is completely mixed up and it is difficult to say what is really happening with the US economy. However, the Dollar Index is too close to local maxima to buy a dollar. So we continue to look for points for its sales on the intraday basis. Canada posted quite good retail sales data (+ 0.8% m / m with a forecast of + 0.4% m / m). But in the battle of two dollars, the American turned out to be stronger than the Canadian. The UK decided not to lag behind and also showed growth in retail sales (+ 1.1% m / m with a forecast of -0.3% m / m). However, this did not help the pound much, and together with the dollar, it set off to storm the support of 1.30. Another reason for selling the euro has been provided by Germany. The PMI index in the manufacturing sector in Germany was worse than expected and well below 50 (44.5, with a forecast of 45.0), which is a negative signal for both the largest economy in the Eurozone and for the European single currency. Meanwhile, in the United States the number of active rigs has dropped sharply again. According to Baker Hughes, the number of oil installations for the week decreased by 8 to 825 pieces. Such news has supported oil. However, it is still at the local top. Recall that while oil (WTI brand) is below 64.50, we will look for opportunities to sell the asset on the intraday basis. Today will be almost a “day off”. US, UK and German markets will be closed. This means a low level of liquidity and a “thin” market. Accordingly, the probability of sharp and unpredictable price fluctuations sharply increases. Therefore, it is worth being extremely cautious in order not to run into another flash crash.
Short
by Trade24Fx
Bitcoin & Manufacturing PMI | Market Trend and CyclesThe Bitcoin "mining" industry which sustains the infrastructure for the Bitcoin network can be compared to manufacturing. If we compare the price of Bitcoin to the Manufacturing PMI (which measures the sentiment among managers in the US) we can see a significant degree of correlation. While the potential causal mechanisms still require rigorous study, we can add this data to gauging trend reversals and cycles in Bitcoin along side other data sets like $BTC Dominance, $NVT , and other on-chain information.
BNC:BLX
by Trader6127
Data from ADP is alarming and the Bank of India The Financial Times reported that the United States and China settled most of the issues that prevented the conclusion of an agreement. Myron Brilliant, executive vice president and head of International Affairs at the U.S. Chamber of Commerce, said: “The deal was agreed on by 90%.” So the end of the trade wars is getting closer. Such news is extremely positively perceived by emerging markets, as well as raw materials markets. In addition, the medium was remembered by a rather extensive block of macroeconomic statistics. Business activity index in Germany, and the Eurozone were better than expected above 50. In addition, retail sales in the Eurozone were better than forecasts (+ 0.4% m / m with a forecast of +0.3 m / m). So the growth of the euro in some ways can be considered natural. Especially when you consider that it was happening against the background of rather weak data from ADP on employment in the US private sector. Instead of the expected + 175K, was only + 129K. Recall that on Friday we are waiting for official statistics on the US labor market. So on the eve of the NFP, these figures are alarming and the dollar was under pressure yesterday. But more about the data on the NFP, we will talk tomorrow. Today we are going to look for points for selling dollar. Despite the rather weak statistics from the UK, the PMI in the services sector was much worse than expected below 50 (means that activity is declining), the pound was growing yesterday. The reason is - Brexit and some progress that has been noted in it. It is about Theresa May's negotiation with the Labor Party. Laborites support for a customs union with the EU. This option of Brexit can be attributed to the most lenient, therefore the pound was growing yesterday, despite the weak data. Our position is unchanged - we buy a pound. In the oil market, the fundamental background generally contributes to short-term purchases: OPEC + restricts supply, but as for demand, news of the progress in negotiations between the United States and China definitely plays into the hands of buyers. We cannot but note that the latest data from the US Department of Energy showed a sharp increase in US oil reserves (more than 7 million barrels), and also recorded the fact of a new record of US oil production - 12.2 million barrels. So there is a risk of a change in sentiment in the oil market to bearish. But for now, the “bulls” are in control. Therefore, our intraday recommendation without changes is. We look for points for buying oil on the intraday basis. Today may be a day of respite before the statistics on the US labor market. We recommend paying attention to the Indian rupee. If the Bank of India lowers the rate, the USDINR may go up. Considering how much it has decreased over the past six months, the USDINR medium-term purchases may well bring in several hundred points of profit. We also recall the feasibility of sales of the Russian ruble. The news background for this is favorable. This refers to the information that Senator Chris Van Hollen (Democrat) and Rubio (Republican) submitted to the lower house of Congress a draft of new sanctions against Russia (this is the so-called "bill from hell", which radically restricts Russia's access to external markets for financial resources).
Long
by Trade24Fx
2
EUR/USD - Ascending Triangle - Day TradeLooks like EUR/USD has formed an ascending triangle which in most cases means a continuation of the uptrend. Taking into account the drop of EUR last week and potentially strong fundamentals coming from Italy, we could see a pop higher especially throughout next 2 hours - Spain, France, German and Eurozone Services PMI data. The idea is to trade the break on the upside with the SL below previous short-term low, targeting the M.P.O. projection/38.2% Fib retracement. 2nd target 1.66 level/50% Fib. Will see how it goes but probably going to trail the stop if we see a solid move, or bring it to the break-even level. Wish all a great trading day!
Long
by CAS_Trading
Market recap for week of Aug 27-Monday=Markets reacted to Fed governor Jerome Powell's speech on Friday which knocked the USD lower. SPX makes a new high. While political turmoil in the Australian govt weaken the AUD but the recovered towards the end of the trading week -Emerging markets currencies were pretty weak last week with majority of them plus one percent -WSJ reports issues on China & US that 40% could be dealt with immediately but 20% are intractable & non-negotiable. uk.reuters.com www.cnbc.com -US and Mexico are closing in a trade agreement between the two countries, Trump tweets "A big Trade Agreement with Mexico could be happening soon" -Profit for China's industrial firms up 16.2% to 75B in June, missed estimates. -Australia's new Prime Minsiter Scott Morrison makes changes to his cabinet. -Germany's business climate index climbs to 103.8 improving off of July's reading www.reuters.com -Turkey's Finance Minister Berat Albayrak to meet with France's Finance Minister -Iran's economy minister was removed from his post by Iran's parliament. www.cnbc.com -Tuesday -Stocks again strengthens due to Positive sentiment on a new NAFTA deal www.businessinsider.com.au -China gains control of the Yuan's slide against the USD once they announced reintroducing the counter-cyclical factor in setting the rate each day. -French President Macron comments on Brexit deal, will not make a deal at expense of EU's integrity but respects Uks decision. -Canada's Foreign Minister Chrystia Freeland to head to US for negotiations today. -Trump comments that he will rejects China's efforts to negotiate a deal. Chinese officials want to suspend talks until after elections in November. -Trump to begin his emergency agriculture plan after Labor Day. www.wsj.com -UK's Prime Minister Theresa May comments on ongoing Brexit negotiations. Mean while Trade Secretary Liam Fox is in Singapore talking about UK inclusion into TPP's Comprehensive & Progressive Agreement. They are taking credit for the trade deal. www.cnbc.com -Wednesday -US consumer confidence strong reading in August 133.4, Trumps tweets a story from CNBC -WSJ interviews Dallas Fed Pres Robert Kaplan. Expects 2 more hikes this year and another 2 next year www.wsj.com -China creates a way for its bonds to be included in global indexes. Another attempt to rid the US dollar as the global juggernaut. China Premier Li comments will tighten intellectual property rules. www.cnbc.com uk.reuters.com -Prime Minister Luigi Di Maio claims nation may break the EU's rule of breaching its 3% public deficit limit. -EU's lending sector see's improvement -US states that for a deal to be reach with Canada Friday will be the deadline. -Senate confirms Richard Clarida to become Federal Reserve vice chairman. -2nd estimate of GDP data release 4.2% increased, a 0.1 percentage point greater than the previous release of data back in July -Florida's race for governor is determined between Andrew Gillum a progressive backed by Bernie Sanders while GOP runner will be Ron DeSantis one who has defended Trump. www.wsj.com -Brexit deal as a date set for a deadline for an agreement Oct 18. Bloomberg reports they may extend it to mid Nov. www.bloomberg.com -Consultancy group wood Mackenzie forecasts India to beat out China for oil demand. www.cnbc.com -South Korea's government proposes largest budget increase in a decade. www.wsj.com -Thursday -Greater than expected draw for Crude Supplies saw Crude oil prices gain a good percentage on Wednesday -News out of Europe as EU negotiator Michel Barnier spoke some positive words for cutting a deal with the UK , the EURGBP had a high to low range of 1.51% price movement. -Now it is the Argentina's peso turn to have large down move against the USD dollar, President Macri asked the IMF to speed up its delivery of a $50B bailout. The USDARS surged over 20% on the headlines. www.reuters.com - Corporate profits jump to 16.1% in Q2 from a year earlier, largest year-over-year gain in six years. www.wsj.com -President Trump is providing some relief for countries on steel & aluminum quotas. www.reuters.com -Friday -Trump threatens more tariffs on China imports. According to Bloomberg he plans to impose another $200 billion more. A lot of other thoughts also coming from Trump linking capital gains taxes to inflation. Also to may withdraw from WTO if it doesn't shape up. twitter.com -Emerging market currencies have been the focus this week as Lira, Argentine peso and Rand all losing again this week against the USD -German Finance minister Olaf Scholz comments hard to tell if there will be a Brexit agreement. uk.reuters.com -EU economic sentiment down to 111.6 points in August from 112.1 in July. uk.reuters.com -Oil surplus looks to be lowering as traders are expecting a more losses in supply due to the Iran sanctions. Atlantic Basin crude supplies have nearly doubled in lower supply. This is oil that has not found a buyer yet. uk.reuters.com -China's manufacturing PMI up for july 51.3 vs a 51.2 from July. Exports shrinks for third strength month, while a rise in inventories of finished goods. www.cnbc.com -Brazil's economy grew with GDP reading for 2nd qtr up 0.2% from 1st qtr. Despite a trucker strike. uk.reuters.com
by schmidtke_jake
GBPUSD - Will the Services PMI Push Price Lower?Price completed a 3-wave structure, forming a flag pattern. This completes the corrective structure, and giving us a reason to look for a potential short trade with the upcoming UK Services PMI being a catalyst to move price. **Disclaimer - This analysis alone DOES NOT warrant a sell trade immediately. Before you enter any trade in the financial market, it is very important that you have a proper trading plan and risk management approach. The sharing of this idea is neither necessarily indicative of nor a guarantee of future performance or success.
Short
by KarYong