Welcome to another live trading session. In today’s session, we discussed the results of the US Core Retail Sales and the current status of our trades.
Earlier this morning we had US Core Retail Sales come out way better than expected at 0.7% vs the 0.5% forecast. We then had the Fed Manufacturing Index come at 17.2 vs. the 3.7 forecast. Both releases have helped the US Dollar reclaim in its strength within the markets.
Earlier in the week, we took a short trade for EURJPY based on our technical analysis from the four-hour timeframe. The pair had made an initial push lower before coming to our entry. At the signing of the trade deal, EURUJPY, unfortunately, stopped us out. We will avoid trading the Yen until the BOJ states its monetary policy on Monday.
We are still holding onto our USDCHF trade which has fallen +84 pips. We have a long term target of 0.95000 in mind, The pair is currently reacting to daily support and the beneficial retail sales data.
This week could have gone better, but it could’ve always been far worse. It’s only the second trading week of 2020, and time is in our favor. We will have an official pip count tomorrow to see how the week turned out. But rest assured, the best of 2020 is yet to come! With that being said, I will see you all tomorrow for another live trading session. Be safe and trade responsibly!
Check Out Yesterday’s Blog Post: January 15th, 2020
