Trade Idea:
Despite the Fed intention to hold the rates unchanged for 2019, the dollar fell sharply bottoming out on the 24th of June. Now that Powell will speak again tomorrow, volatility is expected to rise significantly. Where the increase in volatility could be the lighting spark to start a a bearish reversal. On the other hand, the dollar could bounce higher if the Fed stand firmly on no rate cuts, especially considering the outstanding non-farm payroll data that came out last Friday.
Trade Details:
Positioning: Short
Time frame: 4H
Length of Trade: 5 Days to 2 weeks
Entry: Between 0.9920 to 0.9950
Stop: 1.0000
Exit: 0.9770
Despite the Fed intention to hold the rates unchanged for 2019, the dollar fell sharply bottoming out on the 24th of June. Now that Powell will speak again tomorrow, volatility is expected to rise significantly. Where the increase in volatility could be the lighting spark to start a a bearish reversal. On the other hand, the dollar could bounce higher if the Fed stand firmly on no rate cuts, especially considering the outstanding non-farm payroll data that came out last Friday.
Trade Details:
Positioning: Short
Time frame: 4H
Length of Trade: 5 Days to 2 weeks
Entry: Between 0.9920 to 0.9950
Stop: 1.0000
Exit: 0.9770