Trend for 5th of September (updated) ~ blogs on forex trading
Hello, followers of market trends and independent analysts of financial markets. Markets have been in their ugly ranges for a long time without many opportunities for big moves. However, eur/gbp pair finally took a nice dive on Friday and it looks as if the pair will continue its down trend for the whole coming week. The strategy is simple: just sell rallies.
There is also some important news coming in a few hours from Australia (Reserve Bank of Australia Rate Decision). This could push commodity currencies up. As you may see they have been falling for two days. I guess the news could stop them from falling. I keep to my position about selling eur/aud, eur/cad and etc (on rallies).
We are going to have data from Europe coming during European session (Euro-Zone Gross Domestic Product) at 9:00 GMT. This could cause a collapse of Euro too. Anyway, we have to wait and see what happens without too much speculation. If you are intending to trade news I would recommend reading my article about forex news trading and be careful not to overexpose to the market too much during these fundamental events. Good luck.
See also:
Forex news trading
Range trading
Breakout trading
Disclaimer
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.
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