Although the equity markets worldwide continued lower today, the USD was strong and gold was on its back foot.
With a uniform move of strength for the USD versus the majors, it was not difficult to find trade setups. Risking 10 pips for a potential 44 pips to our daily target at .6808, we entered the NZDUSD short. The AUDUSD set up very similiarly. Cautious of market volatility when the U.S. markets got underway, we moved our stop loss to plus 1 pip. From there the pair moved down to our daily target where we exited the trade.
Since the last week’s dovish comments from Fed Chair Powell, the December rate hike probability has now decreased from 75.1% to 70%.
In Britain the 48 letters required to trigger a no confidence vote for Prime Minster May have not come forth. Neither has a solution for Brexit.
The markets are exciting as we move closer to year end.
Good luck with your trading!
