Forex trading strategy 11/06/2019


Nov 6, 2019
The U.S. Trade deficit with its worldwide trading partners fell to $52.5 billion in September, slightly above expectations of $52.2 billion, according to a report released Tuesday by the Commerce Department. The trade surplus is still 13.1 percent higher than the $46.4 billion Trump did when he became president, as Washington continued its endeavors to reach the first phase of the tariff deal with China. During the decade-long economic expansion, consumers continue to call for foreign goods.

The DXY’s rally on Tuesday was supported by 97.45, rising below 98.05 and closing at 97.98, meaning the USD short-term correction is likely to stay up. If the DXY correction is supported above 97.60 today, the target for the post-market rally will be 98.20-98.40. DXY short-term resistance at 98.15-98.20, short-term important resistance 98.35-98.40. DXY short-term support at 97.80-97.85, short-term important support at 97.60-97.65.

EUR/USD rebounded below 1.1140 on Tuesday, falling above 1.1060 and closing at 1.1065, meaning the EUR/USD short-term rally is likely to stay down. If EUR/USD rebounds today at 1.1115, the target for the market will fall at 1.1040-1.1015. EUR/USD short-term resistance at 1.1090-1.1095, short-term important resistance at 1.1110-1.1115. EUR/USD short-term support at 1.1035-1.1040, short-term important support at 1.1010-1.1015.

Today’s Forex Trading Strategy Recommendations:

EUR/USD: 1.1115 Sell, 1.1155 Stop Loss, 1.1040 Take Profit

GBP/USD: 1.2915 Sell, 1.2945 Stop Loss, 1.2855 Take Profit

USD/CHF: 0.9895 Buy, 0.9855 Stop Loss, 0.9955 Take Profit

USD/JPY: 108.75 Buy, 108.35 Stop Loss, 109.50 Take Profit

AUD/USD: 0.6920 Sell, 0.6950 Stop Loss, 0.6865 Take Profit

USD/CAD: 1.3120 Buy, 1.3080 Stop Loss, 1.3190 Take Profit