Trade Idea
Broken out of the channel formation to the upside.
There is scope for mild selling at the open but losses should be limited.
Bespoke support is located at 75.10.
We have a 50% Fibonacci pullback level of 75.10 from 73.93 to 76.20.
Expect trading to remain mixed and volatile.
We look to Buy at 75.10
Stop: 74.80
Target 1: 76.10
Target 2: 76.35
Trade ideas & daily market report July 9th 2019
Market highlights
Reduced expectations of aggressive Fed easing continued to support the US currency during Monday, although ranges were narrow.
Equity markets lost ground as expectations of aggressive Fed rate cuts declined further.
Demand for the yen and Swiss franc weakened slightly as US bond yields edged higher with the Euro also unable to make headway.
Gold prices also declined as bond yields increased and the dollar maintained a firm tone.
Oil prices gained some support from Iran tensions, but failed to hold gains.
Commodity currencies were unable to make headway amid a solid US currency tone with Sterling also losing ground.
Bitcoin pushed above $12,000 which helped trigger further buying.
Broken out of the channel formation to the upside.
There is scope for mild selling at the open but losses should be limited.
Bespoke support is located at 75.10.
We have a 50% Fibonacci pullback level of 75.10 from 73.93 to 76.20.
Expect trading to remain mixed and volatile.
We look to Buy at 75.10
Stop: 74.80
Target 1: 76.10
Target 2: 76.35
Trade ideas & daily market report July 9th 2019
Market highlights
Reduced expectations of aggressive Fed easing continued to support the US currency during Monday, although ranges were narrow.
Equity markets lost ground as expectations of aggressive Fed rate cuts declined further.
Demand for the yen and Swiss franc weakened slightly as US bond yields edged higher with the Euro also unable to make headway.
Gold prices also declined as bond yields increased and the dollar maintained a firm tone.
Oil prices gained some support from Iran tensions, but failed to hold gains.
Commodity currencies were unable to make headway amid a solid US currency tone with Sterling also losing ground.
Bitcoin pushed above $12,000 which helped trigger further buying.
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