In today’s live Forex analysis session we went over some of the trades we took this week (EURUSD, GBPUSD). how the US-China trade war has affected them, and what we can look forward to in the coming week.
This week we only took a handful of trades as president Trump and Xi Jinping were to meet today in hopes of reaching a trade deal. We had a great start to the week with a Gold long and short combination. Our midweek trades unfortunately, got in the crossfire of developments from the trade war. On Wednesday, there was a confusion on the American and Chinese side of what day they were going to meet and what kind of deal could be made.
See our post on The US & China Trade War and What it Means for FX Markets
We then devised a strategy to minimize the likelihood of us holding a trade during any of Trump’s speeches. We will be following his public speech schedule as well as our current economic schedule. We have even decided to follow him on Twitter, in case he tweets before he speaks.
If the two superpowers can come to a deal, that would be the a dream come true to traders. We could finally go back to trading in “normal” market conditions. As for as the charts go, we currently have a short bias on Gold, with a near-term target of 1460. The European Union has decided to move forward with more serious discussions of Brexit, and thus many of the Pound pairs have gained substantially against others. In particular, we look at opportunity of going long on GBPUSD.
Since much of our future trades rest on the outcome of today’s trade talks, we have decided to keep an open bias for most pairs. We will have an answer on Monday, as to if a deal was reached, or if the trade war will continue. Monday will be a free live Forex analysis session, so I hope to see you all again then. Take care and have a great weekend!
Watch the Live Session Here:
Check out yesterday’s live session recap: October 10th, 2019
