27.8 C
Munich
Monday, June 21, 2021

Trade ideas thread – European session 24 May 2021

Must read


Daily thread to exchange ideas and to share your thoughts

It is looking to be a quiet start to the new week with most of Europe out on holiday but you never know when it comes to the market and thinner liquidity conditions.

The week ahead promises to be a bit more interesting with the RBNZ meeting coming up though the focus will continue to rest on Fed speakers and US data mostly.

The dollar remains in a bit of a vulnerable spot but is holding its ground for now with EUR/USD failing to really breach the 25 February high @ 1.2243 and is trading back below 1.2200 now and in between its key hourly moving averages at 1.2159-04.

Likewise, cable is also struggling to firmly hold a break above 1.4200 with the 24 February high @ 1.4241 also limiting the topside as price also rests in between its key hourly moving averages at 1.4125-65 currently.

That shows that the recent dollar selling is losing a bit of momentum, though sellers have not completely thrown in the towel just yet.

Elsewhere, USD/CAD continues to be pressured lower with sellers eyeing a test of 1.2000 as the loonie continues to stay solid overall despite oil market volatility.

Over to commodities, gold is keeping firm around $1,885 as buyers keep a break above key trendline resistance around $1,859 and the 200-day moving average last week.

Though not all commodities are faring well with iron ore on the decline as China looks to crack down on the metals sector to curb “unreasonable” price increases.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.



Source link

- Advertisement -spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article