In today’s live trading session, we went over the PMI results for the European Union, the current status of our trades and potential trades to take before the week comes to a close.
During the London session, France and Germany released their PMI (Purchasing Managers Index) which measures the level of purchasing in manufacturing and service industries. Not surprisingly, these numbers were worse than expected all across the board due to COVID-19. This caused a major sell-off of the Euro during the rest of the London session. Much of that sell-off has been put to a halt after the US Economy printed similar lackluster numbers for its fundamental releases this morning.
In yesterday’s session, RP Forex had called a long for XAUUSD (Gold) with an overall target of 1645 to 1647. Since then, Gold has climbed as high as 1634. Currently, members have the majority of their profits taken and stops have been moved into profit. If US Core Retail sales can come out bearish tomorrow, we should see Gold meet the final target by the end of the trading week.
The rest of the session was spent on finding potential trade setups to enter. We found a potential short setup for EURAUD. Breaking down the lower timeframes, we have identified the exact level we need to break to enter. This trade also coincides with our potential long idea for AUDUSD, which will only be taken if the pair breaks daily support. The markets are quite jumpy this week and have been a bit harder to gauge. Nonetheless, we have done the best we can and we are gaining momentum to have another great week. As always, be safe and trade responsibly.
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