We welcome you the trading month of October. Even though, the last trading month has proved to be non-profitable for day traders, it was a great month for swing traders while our swing signal trades generated an overall profit of 357 pips in September. Also this month we will again provide swing- and long-term entries for subscribers to get the best out of the current market conditions.
The British pound declined gapped lower at the open of the trading week after U.K. Prime Minister Theresa May said she will start pulling the Brexit trigger in the first quarter of 2017. May made a clear statement when she said on Sunday that they “will invoke Article 50 no later than the end of March next year.” From a technical perspective the support at 1.2915 is still intact and sterling bears may wait for a break below 1.29 in order to send the pound lower towards 1.2850. A current resistance is however seen around the 1.30-level.
The euro is still trading sideways within its recent trading range between 1.1250 and 1.1150. As long as the EUR/USD remains confined to a price range between 1.1280 and 1.1130 there is nothing new to report.
The focus this week will again shift to the U.S. Payrolls report on Friday while the report is expected to show steady labor-market improvement. An upbeat result may boost the U.S. dollar as it would bolster Federal Reserve rate hike speculation before year-end.
Today’s ISM Manufacturing Survey, scheduled for release at 14:00 UTC will be important to watch. Supportive ISM data may push the dollar higher versus its counterparts.
We wish you a good start to the new week and many profitable trades.
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