The Dollar is feeling the pressure…
During today’s Asian session the main drivers in the market has been equities and commodities which has been higher across the board due to a weaker Dollar.
The Dollar weakened after Friday’s mixed labour data releases. Asset classes such as Equities and Commodities has benefited from the weaker dollar during the Asian and early European session.
Important Scheduled Economic events during today’s session to keep an eye on:
15:00 (GMT) | Mario Draghi (President of the ECB) will testify about the economy and monetary policy, this has potential to move the EUR
17:00 (GMT) | Mario Draghi (President of the ECB) will testify about the economy and monetary policy, this has potential to move the EUR
Our pair selection for today:
We have chosen the AUDJPY and AUDCHF as pairs we will be watching closely today to look for trading opportunities.
AUDJPY – H4
AUDJPY – M30
AUDCHF – H1
Further comments on our pair selection:
This trade idea is based on the intraday weakness on the JPY and CHF and the strength of the AUD due to the Risk on sentiment in the market today.
We will look for buy opportunities at our defined support areas, this is an intraday trade idea so not something we will look to hold for much longer than a few hours, depending on the sentiment as the trading session progresses.
Watch out for any positive news for the USD or any further development on the trade war front as that can drastically impact this trade idea.
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Risk Disclaimer: Forex Trading carries a high level of risk. It is possible for traders to lose entire trading accounts if they do not know what they are doing. This post is not an enticement, signal or recommendation to buy or sell any financial instruments. All of the information in this post should only be considered as general market commentary and should never be used as trading or financial advice.
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