Consumer Confidence for United States

ProForex

ProForex

Hi Guys,

I am thinking of buying EURUSD, NZDUSD and NZDCAD. These are my thoughts.

We could be in for a lull in the consumer confidence in the US. Looking at three currency pairs, EURUSD, NZDUSD and NZDCAD that may head long after the fundamental news comes out for US economy.


Together with US economy also hoping for the sister market (Canadian) to weaken, hence the NZDCAD is on the table.


Possible entry areas:

EURUSD expecting the markets to head long from 1.11800 area.

NZDUSD expecting the markets to head long from 0.65300 area.

NZDCAD expecting the markets to head long from 0.87800 area.



Possible target areas:

EURUSD expecting the markets to reach 1.12500

NZDUSD expecting the markets to reach 0.66000

NZDCAD expecting the markets to reach 0.88600

Fundamentals to keep an eye out for : US Consumer Confidence, NZ Financial Stability report.


Created a short video on the trade.



Please share your thoughts!!
 
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Abandoned these trades as Fundamentals that came out for the day was not in favor, basally I stood aside on all three trades!

On the 28th of May the EU Business climate came out to be 0.3 for the month of May while the previous was 0.42 which indicates that Euro was not up for buying.

The consumer confidence for US economy came out at 134.1 which is higher than the previous value of 129.2 hence the USD was looking like it was on the strong side.

With regards to the New Zealand economy the Financial Stability report came out with the Governor Orr's speech. For myself this was not the best report for the NZ economy specially due to these quoted text from the speech "financial system risks remain elevated, and ongoing effort is necessary to bolster system soundness and efficiency ". Due to this NZD would not had been the best buy.

After summing out all these factors, the pairs NZDUSD, EURUSD and NZDCAD would not have performed if I had bought them. The markets continued to crash in line with the fundamentals.
 
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I trade various futures including Eur futures.
Lately eur volatility has very low ie there has been far too much stability.
If you see my journal, Eur has been trying to break its own record, and achieve even smaller day range.

Things that are moving are US China trade war related things, US interest rate related things which will impact bond yield ...

Major currencies are relatively rather stable. I don't touch NZD.

All the best mister.
 
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Hi maxinger, i am new to this site.. sorry where can I see your journal would like to read!! is there a link for it ?

Please let me know.
 
ProForex said:
Hi maxinger, i am new to this site.. sorry where can I see your journal would like to read!! is there a link for it ?

Please let me know.
More...

It is in Elitetrader --> forum --> Journal

Don't get me wrong.
Some people likes to trade Eur. Just that for me, there are other better things to trade.
 
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