In today’s live trading session, we discussed the US Core Retail sales data and the impact it may have on our setups for the major currency pairs.
This morning, the US economy published its retail sales data and the results were spectacular. The data exceeded the forecasts by a great margin, and movements in the markets reflected that. As discussed in yesterday’s session, our bias for the majors is bearish. Most of the majors gained on the Dollar yesterday, but today’s positive news has brought the majors back near weekly lows. Therefore, the setups discussed yesterday are still valid and are pending entry.
In addition to the majors, the minors that were discussed yesterday are also still valid. GBPJPY is still within arms reach of entry, as all we need is a break of the previous four-hour low. In today’s session, we also found a setup for EURNZD. This setup is nearly identical to the trade we took last week. Our previous trade dipped a near 50 pips into profit before reverting. We hope this time around EURNZD could provide a little bit more by dropping down to 1.70000.
As this week is a news filled week, much of the moves will occur shortly before and after the news release. We expect an entry for the majors by Australian session at the latest. Tomorrow morning will be a huge morning for the Canadian Dollar as it releases a slew of inflation data. If you will be trading this currency, please be sure to have stops into profit beforehand. As always, be safe and trade responsibly!
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