Greetings fellow traders!

Wednesday wasn’t the best day for the dollar. In the morning, poor PCI statistics was released. Moreover, after Jerome Powell comments investors began to have doubts that FRS will raise the rate in December. As a result, the dollar gradually dropped against the pound and the euro.

Investors recalled that Trump earlier critisised FRS for overly aggressive policy of raising the rate. Combined with Jerome Powell comments it allowed to suppose that the rate would remain the same till next year.

Also Mark Carney warned that unsystematic Brexit would cause worse crisis in England that that of 2008. But his speech couldn’t overshadow the news from the USA, and the pound grew against the dollar.

There is news on Thursday that cannot be ignored:

  • 8:30 a.m. EST – US Department of Commerce publishes PCE statistics. Also the number of Initial and Repeated Jobless Claims will be published;
  • 2 p.m. EST – FOMC Meeting Minutes is released. It may cause some momentum moves on USD pairs. The year is ending and traders are looking for hints that FRS will raise the interest rate.

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Let’s analyse the charts and find market entries.

Expect further growth on EURCHF

After trending above 1.1276-1.1277 the chart broke the high, and is pulling back at the moment. Such movement hints to a break after a pullback. We can enter a long trade after the price reaches the 1.1277 mark.

You should place the TP at 1.1289.

Norwegian krone is likely to grow against the dollar

A support formed at 8.5991-8.6012 on Wednesday. The chart broke it during a momentum move and the krone strengthened significantly. Wait for a pullback to the broken zone and enter the short trade after the price tests the 8.5991 mark. Your trading target should be at 8.5738.

Bullish bias on Brent

A momentum break of the 60.13-60.19 occurred, followed by a moderate growth and a pullback to the 60.19 level. We can enter the long trade after the price touches it. The test has already occurred, but the price hasn’t reached the target yet – you can still enter the market.

Place your stop under the local low.

Same scenario on Heating Oil

HO and Brent charts look very much the same. The 1.8613-1.8652 resistance was broken and the chart remained at the zone for a short while.

After breaking the high the chart pulled back and tested the 1.8652 mark – you should have entered the market here. The price hasn’t reached the TP at 1.8785 yet, so you can seek entries if the chart drops to the broken resistance.

Wait for the growth of American Express stocks after testing the support

The Stock market is represented by AXP (American Express Co.). The chart broke the 111.28-111.32 resistance, then tested the level a few times and the stocks grew. The price could trend above 113.00 and we will wait for a pullback to 111.32. We can enter a long trade when the price touches this mark.

If this forecast comes true, we can place the TP at 112.22.

Wednesday trading results:

  • NZDUSD – the price reached the TP after testing the resistance lower margin;
  • ERUCHF – no entries;
  • NZDCHF – the forecast was correct, the price reached the TP;
  • BRN – The price came close to the TP, but didn’t trigger it; eventually, we got profit;
  • YM – we predicted the movement correctly, but the final long trade requirement wasn’t met. No trades on this instrument.

We have 60% of profitable signals, no entries appeared on 40% of the rest. No stops were triggered.

You can begin trading like that immediately. All you need is to follow the link below, leave your e-mail and get the basic training course. Study it and sign up for full training – after 2-3 months you will trade as efficiently as Forex Academy traders.

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That is all for today, see you on Friday. Try not to miss any entries.