Expecting the index to come into the 0.382 - 0.5 fibonacci region before bouncing back higher and retesting the 97.00 mark. The 97 level happens to be a round number so it serves as a psychological level and it is the highest level reached so far this year.
Let's not forget that the Fed's Interest Rate decision is due next week and with another rate hike (3rd for the year) expected to take place, we can expect some additional strength from the USD.
The only aspect weighing negatively towards the currency is its ongoing trade spat with China, but it has the ability to control it. Why? Because so far China has taken a more of a defensive approach waiting for the US to impose new tariffs before retaliating in similar fashion. So if Washington decides to cut back on more and more tariffs we could see its economy grow even more.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Let's not forget that the Fed's Interest Rate decision is due next week and with another rate hike (3rd for the year) expected to take place, we can expect some additional strength from the USD.
The only aspect weighing negatively towards the currency is its ongoing trade spat with China, but it has the ability to control it. Why? Because so far China has taken a more of a defensive approach waiting for the US to impose new tariffs before retaliating in similar fashion. So if Washington decides to cut back on more and more tariffs we could see its economy grow even more.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
