24 March, AtoZForex, Amsterdam - It is Easter, it is Nowruz, it is spring and I am very excited, but markets will get into snoozy mode for the coming 3 trading sessions. Thus we look into Easter Forex Trading tips today covering Forex and Commodities market developments during the Easter Holiday period.
The main issue during Easter Forex Trading is going to be lack of liquidity since Easter is a big holiday in western world and bank holiday in many leading western economies. But this does not mean that the market will come into stand still as we have some market moving fundamental developments in the coming days, such as the q/q US GDP figures which is expected to be at the level of 1.0% q/q. If we would see any hick-up on this number of course there will be a major volatility, such volatility would be even larger than usual due to lack of liquidity in the market.
Gold short to long
As we discussed in our Brussel Terror Act and Brexit correlations session on Wednesday Gold broke below its 1230 zone and has reached our first target, lacking $4 to reach our main bearish target at the level of $1208 per ounce.
Nonetheless for now there is not much to push Gold back on strong bullish mode, but the valuable metal is close to its 1205 -1210 support zone. Yet, this does not mean that you should start longing the pair. At the moment main Gold long traps are placed at the level of 1205 - 1200 level.
Gold long reasons: 61.8% weekly/monthly Fibonacci retracement zone, Psychological support and upcoming US GDP figures.
British pound ready to reverse?
Main GBPUSD long positions should be placed between 1.4020-1.4080 levels.
Main GBPJPY long positions should be placed from 158.40 - 158.80 levels with targets towards 160.00 zone.
EURUSD cautious Bears
Since we are into Easter Forex Trading mode traders are cautious on sensitive EURUSD pair, however the trend remains bearish towards 1.1050-1.1060 zone. Bulls could target 1.1055 zone as a potential buy opportunity with targets towards 1.1170 zone and 40 pips SL.