Sell on a level breakthrough of 0.7265 with 0.7200 target. Stop loss = 0.7325.
Reason for the trading strategy
In July, the HSBC business activity index in China's manufacturing sector declined from 49.4 p. to 48.2 p. The weakening of the Chinese economy will lead to a reduction in the country's imports consumption and put pressure on the commodity currencies. In addition, the news that the S&P agency may downgrade Australia's rating, if the country does not eliminate their budget imbalances, puts pressure on the Aussie.
January 19, 2017 Is equilibrium out of reach?
Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern...
January 18, 2017 Trump Inauguration Market Outlook
Friday, January 20, 2017 will mark the historic inauguration of what promises to be a highly unconventional US presidential administration...
January 17, 2017 Oil spikes higher on Saudi Oil minister comments
Oil has spiked higher on Al Falih comments in Davos (Saudi oil minister). He said during a panel discussion at WEF in Davos that there will be inflation in the cost of doing business in the oil industry, following the squeeze that accompanied the decline in crude prices...
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