Broken out of the channel formation to the upside.
Trading within a Corrective Channel formation.
Bespoke support is located at 1.1132.
We look for a re-test of the downward trending support.
Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Expect trading to remain mixed and volatile.
We look to Buy at 1.1135
Target 1: 1.1200
Target 2: 1.1225
Trade ideas & daily market report July 9th 2019
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.