Jun 182020

Last night, FED Chairman Powell failed to push the market higher as he stayed on status quo on FOMC’s QE plan. Equities market ended lower by 0.5% after seesawing most of the day. Futures plunged 300 points deep during Asian session. Although it has recovered those losses, we may just see some more selling soon as market lacks fresh stimulus to go higher.

Bulls are in a delicate position as a few more Covid-19 stories may easily tip the scale to the bear’s favor.

Asian session started with bad data from New Zealand and Australia. Both currencies recuperated but are hitting key resistance levels.

What else can push the market higher now?

Bank of England will be announcing policy rates at 7PM (GMT+8).

Trade Opportunity for Today:

Entry 73.5, SL 73.8, TP 72.50

AUDJPY Short by traderh on TradingView.com

Trader H

TraderH is a foreign currencies trader and a former Certified Securities Representative in the Philippine equities market. All posts herein are personal views and are not endorsed by any organization whatsoever. It is important that you practice due diligence in your trade plans. This website and its authors will not be held responsible nor liable to any of the reader's losses.

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