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Forex trading strategy 11/08/2019

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  • Forex trading strategy 11/08/2019

    THE GBP/USD fell to a two-week low after two Bank of England officials unexpectedly voted to reduce interest rates on Thursday to avoid a slowdown. The Bank of England has stated it will leave interest rates unchanged at 0.75 per cent, but other officials, including Bank Governor, Governor Mark Carney, said they would consider cutting rates if global and Brexit-related headwinds were not mitigated.

    The DXY’s correction on Thursday was supported by a correction above 97.80, rising below 98.25 and closing at 98.15, meaning the USD is likely to hold the correction after a short rally. If DXY rises below 98.35 today, the quarry of the post-market correction will point to 97.90-97.65. Today, DXY short-term resistance at 98.30-98.35, short-term important resistance 98.45-98.50. DXY short-term support at 97.90-97.95, short-term important support at 97.65-97.70.

    EUR/USD rebounded below 1.1095 on Thursday, falling above 1.1035 and closing at 1.1047, meaning the EUR/USD is likely to remain on the rebound after a short-term decline. If EUR/USD falls above 1.1025 today, the goal of the post-market rally will point to 1.1080-1.1115. Today EUR/USD short-term resistance at 1.1075-1.1080, short-term important resistance at 1.1110-1.1115. EUR/USD short-term support at 1.1025-1.1030, short-term important support at 1.1000-1.1005.

    Today’s Forex Trading Strategy Recommendations:

    EUR/USD: 1.1030 Buy, 1.1000 Stop Loss, 1.1110 Take Profit

    GBP/USD: 1.2870 Sell, 1.2910 Stop Loss, 1.2780 Take Profit

    USD/CHF: 0.9985 Sell, 1.0015 Stop Loss, 0.9885 Take Profit

    USD/JPY: 109.65 Sell, 110.00 Stop Loss, 108.80 Take Profit

    AUD/USD: 0.6870 Buy, 0.6840 Stop Loss, 0.6945 Take Profit

    USD/CAD: 1.3160 Buy, 1.3130 Stop Loss, 1.3225 Take Profit