In today’s live trading session, we discussed the meltdown of the US Dollar Index (DXY) and where many pairs and commodities are headed as a result.
Since yesterday, the DXY is down 0.64%. The current daily timeframe suggests the US Dollar is headed to 95.00. As a result, we have shifted to a bullish bias for EURUSD. We believe the Euro could make its way to 1.17000, especially if the manufacturing data on Friday come out bullish.
Our Gold and Silver longs are going as planned as both metals have surged to the upside. Silver has gone to our target of $21 per ounce. Gold is well on its way to our target of $1850 per ounce. We are currently waiting for price action to retrace a fair amount, before entering long. We are also looking to long Black Gold (Oil) as demand starts to return with economies reopening.
With much of the major moves occurring during the London session, many pairs require a retrace of some sort, before traders can get in on the fun. Mind you, the fundamental schedule for this week is fairly bleak until Friday so things might slow down a tad bit till then. As always, be safe and trade responsibly!
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