Because of reduced liquidity in today’s Mayday trading, we could either see sideways movement or huge moves. Click here to see all the chart analysis.
In the euro’s latest breakout to fresh 2017 highs, if the market continues above 1.09 its next measured move targets 1.1230 or 1.14. The market is well supported at 1.0570. The pound/dollar has seen a breakout above 1.2775, December’s peak following the low of 1.1840 last October. This sees a potential move upwards to 1.35. Dollar/yen has been trading in a downtrend within the last few days. But if price is contained below 112.20 sees potential downside.
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US President Trump to unveil an outline of his tax plan. Trump pledged massive tax cuts for corporations & individuals, and a one-time repatriation of corporate cash held abroad at a reduced rate.
If we get something along those lines today, it could prove positive for USD & US equities. However, our view is that there is more scope for disappointment.
The EURUSD continues to extend its run to fresh 2017 highs after breaking its previous peak of 1.09. This sets the stage to the 1.12-1.14 level. It would take a break below 1.05 to negate this. Click here to read more chart analysis from LMAX EXCHANGE
The euro retains its bid tone as it continues to maintain its strength after finding support at 1.0570.
Cable sees a major breakout this week at 1.2775 which could signal a major change in the price structure. Pull backs will probably be supported in the 1.24-1.25 area.
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Spread is just one of the metrics you need to assess when choosing your liquidity as a client and particularly a brokerage client. It is important, BUT you need to be able to measure your Total Cost of Trading.
In todays’ Daily Forex Review, we discuss the unfolding economic events of the day including the New Building Permits coming out of the United States.
Further technical analysis of the Dow Jones,
Johannesburg Stock Exchange (JSE), Gold, Oil, Australian Dollar (AUD/USD), Great Britain Pound (GBP/USD) is discussed in the presentation.
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