Q4 GDP for both currencies , along with USD personal income and spending and ISM manufacturing PMIs
As you can see we are entering a trade around the current level Short , with a view to T1 profit taking @ 0.7450 level , then ride it down to 0.7330 just above the 23 fib line where we have seen the buyers stepping in again.
Stop set just above the last high @ 0.7750
You have to be patient with this pair as its a slow mover
Reason for trade :
We have had rejection for a 5th time with a large candle and some strong resistance seen here @ the 0.7700-0.7760 levels , prepare for some with this weeks data release, but a good trade set up with a rating from us out of ten of ( 8 )
Stay tuned for more
Some USD bulls coming into play and we have the fed speaking tomorrow along with non manufacturing PMI figures to be released stay alert and stay tuned to us .
More profitable trading ideas to follow soon,
Happy trading and we recommend putting in a stop loss ahead of NFP
We will be re entering this trade if we see a nice retrace to the 0.7600 levels .
Stay tuned as right now the daily has closed on the 0.618 fib line if we can close on the daily above this level we could see a confluence zone of between 0.7600 - 0.7630 which is the last high on the candle which formed a shooting star ......
However we will start buying in @ 0.7600 slowy .
All eyes on the feds language this week .
we rate this trade out of ten ( 7.0)
Keep an eye out for Friday USD-NFP figures.
Happy Trading............ and by all means your comments are welcome .