Afternoon traders,
Another strong beat for US retail data further suggesting that the economy does not need a full 50bp rate cut from the US central bank and that 1 cut is more than enough. The retail beat along with strong employment data at start of the month making the market rethink multiple rate cuts and a lower US dollar.
For this specific trade we have an ascending support line shown in blue on our trading view chart and multiple bounces off of 107.8 area. We are looking for a near term move to 108.5 and potential break higher to resistance around low 109.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Meta trader and most broker platforms.
Good luck trading
from the Team at forexTrdr
Another strong beat for US retail data further suggesting that the economy does not need a full 50bp rate cut from the US central bank and that 1 cut is more than enough. The retail beat along with strong employment data at start of the month making the market rethink multiple rate cuts and a lower US dollar.
For this specific trade we have an ascending support line shown in blue on our trading view chart and multiple bounces off of 107.8 area. We are looking for a near term move to 108.5 and potential break higher to resistance around low 109.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Meta trader and most broker platforms.
Good luck trading
from the Team at forexTrdr