Trade Ideas to Follow This Week
EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
ECB remains pessimistic about European economy
2020-10-29 • Updated
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading in a bearish sentiment below the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.
Fibonacci Levels
XAG/USD: silver moves above 23.6% retracement level at $23.10. Silver bulls still struggling to move the market higher.
US Market View
It is an earnings season, with Apple, Amazon, Facebook, and Alphabet all reporting after the close. The earnings again come only a day after some of their CEOs were in Congress, the timing thus sparing them the embarrassment of having to defend their monopoly profits at a time of widespread hardship across the economy. The U.S. economy grew at its fastest rate since records began in the third quarter, reversing much but by no means all - of the output lost in the second quarter under the impact of the coronavirus pandemic. The figures, while spectacular, are essentially backward-looking and exaggerated by the habit of annualizing GDP data. They reflect the reopening of many businesses in the summer after government-mandated stay-at-home orders had crippled both manufacturing and services output in the spring.
US Key Point
- Oil falls to a fresh four-month low amid renewed supply concerns
- ECB's Jochnick supports that the possibility of a double-dip recession cannot be ruled out yet
- Germany October unemployment change -35.0k vs -5.0k expected
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USD: Powell Speaks on Cutting Interest Rates
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
WTT: Currency Pairs To Trade In April
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
EURUSD: Seeking liquidity in weekly selling zones. Key intraday levels.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
