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Forex trading strategy 11/13/2019

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  • Forex trading strategy 11/13/2019

     The USD’s narrow swing, U.S. President Donald Trump’s speech did not disclose new details of U.S. -China trade, so it didn’t give the of a boost. DXY maintained the modest gains recorded earlier Tuesday, with Mr. Trump again takes aim at the Federal Reserve in a spoken communication at the Economic Club of New York, unhappy that U.S. Interest rates are higher than in other modern economies. The market didn’t get anything new from Trump’s speech. The lone thing that might be a little new is that he didn’t announce the date and time of the signing ceremony. The securities industry had been expecting this, and those hopes were dashed. “The S.P. 500 fell back during Mr. Trump’s speech, but still came up on the day.

    Final week, comments from China’s Ministry of Commerce were interpreted as a sign of progress in removing tariffs, leading traders to sell safe-haven currencies such as the yen and the dollar to move higher. Still, uncertainty hits again on Friday, leaving risk aversion.

    Technically, the DXY’s pullback on Tuesday was supported above 98.15, rebounding below 98.45 and closing at 98.31, meaning that the USD’s short-term rally is likely to stay on a correction. If DXY bounces below 98.45 today, the quarry of the post-market correction will point to 98.15-98.05. Today, DXY short-term resistance at 98.40-98.45, short-term important resistance 98.50-98.55. DXY short-term support at 98.15-98.20, short-term important support at 98.05-98.10.

    EUR/USD rebounded below 1.1040 on Tuesday, with a correction above 1.1000 and closing at 1.1012, meaning the EUR/USD short-term correction is likely to stay a rally. If the EUR/USD correction is supported above 1.0995 today, the quarry of the post-market rally will point to 1.1035-1.1055. Today EUR/USD short-term resistance at 1.1030-1.1035, short-term important resistance at 1.1050-1.1055. EUR/USD short-term support at 1.0995-1.1000, short-term important support at 1.0980-1.0985.

    Today’s Forex Trading Strategy Recommendations:

    EUR/USD: 1.0995 Buy, 1.0975 Stop Loss, 1.1055 Take Profit

    GBP/USD: 1.2825 Buy, 1.2790 Stop Loss, 1.2905 Take Profit

    USD/CHF: 0.9955 Sell, 0.9985 Stop Loss, 0.9895 Take Profit

    USD/JPY: 109.20 Sell, 109.45 Stop Loss, 109.70 Take Profit

    AUD/USD: 0.6830 Buy, 0.6810 Stop Loss, 0.6870 Take Profit

    USD/CAD: 1.3255 Sell, 1.3285 Stop Loss, 1.3190 Take Profit