Markets today have been very quiet with no significant movements. It seems as though investors are in stand-by mode in anticipation of next week.
Taking center stage next week on Thursday, will be the U.S Federal Reserve. The will she, won’t she dilemna on whether Fed Chair, Janet Yellen will lift interest rates will finally be answered.

Last Friday’s unexpected drop in unemployment, coupled with revised upward Q2 growth most certainly support the call for a hike. On the flipside, ongoing concerns over a global slowdown urge caution, so predicting which way this may go is a futile exercise.

Early next week we also have a series of key economic data from Asia and the Eurozone so we could be in for a rollercoaster ride. Today’s subdued trading could represent the eye of the storm ahead of next weeks potential hurricane.

Traders should be prepared and should apply prudent risk management. Make sure that there is sufficient equity to cover against the unexpected.
To find out more about Risk Management, please contact you relationship manager.

From everyone at easy forex, have a great weekend.

Trading quote of the day:

“The most important organ in the body as far as the stock market is concerned is the guts, not the head. Anyone can acquire the know-how for analyzing stocks.”

– Peter Lynch

EURUSD
Pivot: 1.1235
Likely scenario: Long positions above 1.1235 with targets @ 1.132 & 1.135 in extension.
Alternative scenario: Below 1.1235 look for further downside with 1.121 & 1.117 as targets.
Comment: The RSI lacks downward momentum.

GBPUSD
Pivot: 1.539
Likely scenario: Long positions above 1.539 with targets @ 1.5475 & 1.551 in extension.
Alternative scenario: Below 1.539 look for further downside with 1.5335 & 1.529 as targets.
Comment: The RSI lacks downward momentum.

AUDUSD
Pivot: 0.71
Likely scenario: Short positions below 0.71 with targets @ 0.7 & 0.697 in extension.
Alternative scenario: Above 0.71 look for further upside with 0.7125 & 0.7155 as targets.
Comment: The RSI is mixed to bearish.