February 3, 2023

Forex Solution

Learn To Trade Forex

Trade ideas thread – European session 19 April 2021

2 min read


Daily thread to exchange ideas and to share your thoughts

The mood going into Europe is a bit of a mixed one with China leading stock gains in Asia, helped by the easing of worries involving Huarong. US futures are seen pulling back slightly from the gains on Friday, though Nasdaq futures are holding a touch higher.
Invest in yourself. See our forex education hub.

Major currencies are also looking a little mixed with key levels still intact, notably EUR/USD keeping below the 1.2000 level.

Meanwhile, USD/JPY continues to explore some downside below 109.00 while EUR/GBP is seen on a bit of a retreat after having failed to firmly hold a break above 0.8700 again.

USD/CAD also continues to center around the 1.2500 level for now, as sellers are still trying to hold a daily close below the figure level to chase further momentum.

CAD/JPY is also one to still be defended by support at around 86.60 as sellers are also keeping near-term control in search of a potential push lower in the pair.

Elsewhere, gold is looking to build on the breakout from last week with lower yields to provide some short-term comfort. The technical picture looks to target a potential move to $1,800 and its 100-day moving average just above that but ETF holdings continuing to be shed does not make for a convincing argument for gains to be sustained.

The BOC and ECB will be among the key risk events to watch this week, with little in terms of key releases from the US to shake things up. As such, virus/vaccine headlines and risk sentiment will be among the key factors at play in the days ahead.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.


Source link

Copyright © All rights reserved. | Newsphere by AF themes.