Trading insight: Have an opinion on global events, trade FX and express your view
If you follow politics and economic events, FX trading allows you to express your opinion, so if you have an opinion why not trade?
Current event FX traders can act on:
- US debt deal is a political risk event, although the “real risk” of the US defaulting is a low probability event, any announced deal is not a done deal until the US House and Senate vote and pass on any deal, by the way voting could happen as soon as this Wednesday
USD FX spotlight (EU session):
- AUD / USD (chart 1) higher since Friday May 26 2023 as traders shift out of the “safety of the USD” on bets of a successful US debt deal, short term (5-13 days) upside prospects seem capped at 0.6617 while downside risk below the 0.6518 pivot could place 0.6464 in sight.
Chart 1 AUD/USD May 29 2023 7:32 UTC
- USD / JPY (chart 2) Japan’s YEN hits fresh lows against the USD, however profit taking near the 140.5s resistance could add some very short term (5-13 days) downside pressure before any attempt to push higher towards the 142.20s, provided price can remain above the 139 - 137.8 support areas the prospects for the multi-month uptrend to remain intact can not be ruled out.
Chart 2 USD/JPY May 29 2023 8:09 UTC
- EUR / USD (chart 3) remains “soft” since falling below the 1.0880 key support; current price 1.072 at time of writing could be looking for the 1.0650s as next support level; below the 106.50’s could expose 1.0630s - 1.0610s; upside risk seen above the 1.0880 (see chart 3)
Chart 3 EUR/USD May 29 2023 8:19 UTC
Today’s economic calendar
US and UK exchanges closed for public holidays
Source: Tradingview / J. Knobel May 29 2023 6:36 UTC
Not investment advice. Past performance does not guarantee or predict future performance.
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