Forex Market Insight Commentary 01 June 2018

by Jun 1, 2018Blackstone Futures0 comments

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There’s an opportunity for a GBPUSD long and a USDCAD short today. Here’s the rest of the commentary.

good morning traders happy Friday it’s
the 1st of June 2018 and again as we go
through this market unscathed
so we said to the only opportunity we
would be looking at yesterday was the
public head magneti were looking to fail
the movement for a long let’s have a
look at some of these peers just to
illustrate what we’re looking for today
I am cognisant that this afternoon we
had loss so there may be a little bit of
extra spice for lack of a better phrase
okay you’re a tonic as we said she is a
despite this big big dance I wasn’t
really convinced I would prefer a long
trade down closer to this sort of 16
figure so we didn’t quite get that maybe
yesterday in actual fact we had this
kind of range bound traded trade in bet
in here so again cars I’m waiting for
this hour the chart to get closer to the
16 the figure level one point one six
zero zero and then at that stage I would
then be tempted to start looking for a
long trade but if these levels Gaza do
you think that there is going to be some
form of tried tried passenger daily
chart goes on the pound this looks a
little bit more attractive to me than
what the Euro looks we are in a
downtrend guards and I think it 132 was
my preferred entry but I don’t think I’m
gonna get as quite as low as that I’ll
keep an armless guys my wife a little
bit of divergence on these lower
timeframes and like I said I would be
tempted to look for a long trade in
does it all in the Kiwi I said to it
looks like a very very tight rein just
forming here not really interested in
trading those Rangers I do you think
it’s too tight for me so I’m gonna spare
art as well as the Kiwi causes to range
man for me don’t care this assignment we
highlighted yesterday cuz we had this
big big move yesterday sorry on
Wednesday and this was the back of the
Bank of Canada now yesterday morning we
highlighted the fact that this looks
like a nice move to fade the only reason
gossipy wanted to fight this move was
because we thought it was overdone and
then the Bank of Canada Martin walked
back that I would really want is such a
strong currency so we said well why food
operations on the hourly chart that’s
precise he won’t be eventually God EMI
crossover confirmed the catalyst for
this move was to fault the the first the
first fact was that the economic
data came out much weaker than what
was most expected and so obviously the
cared week and then the follow
strengthen also there’s a little bit of
confusion guys but a little bit of
niggle lack of a better word around the
NAFTA agreement and what was supposed to
be at that deal two weeks ago is now
very much in a we’ve seen comments that
NAFTA was pretty much done before Donald
Trump killed it we’ve now seen a Donald
Trump coming in in implementing tariffs
etc because it’s just again there’s an
illustration of how fickle this man is
however it does seem like the rest of
the world has had enough
There’s talk of retaliation so the if he if
he wanted a trade war I think Donald
Trump has got it so I’ll just keep an
eye on these currencies Garth but of all
the currencies I’m looking at I’m going
to keep an eye on this kid my daily
chart and your two resistance levels at
129.90 and 150 so I’ll keep an eye on
those two resistance levels as well as a
while a chart so if we get closer to
those levels I would be tempted to start
looking for a short trade dollar yen
Guys, as you know, to sit not for now this
is very much dictated by the risk-on
risk-off mubarak environment and with
the political rhetoric coming out of the
global politics we’ve seen in Italy
eccentrics which I’m not really because
a lot of opportunity on this side I’d be
tempted to look for apparent long and
I’d be tempted to look for a short
in CAD other than I
don’t see a lot of value.