Wednesday 1 February Daily Forex trading tips: USD bearish?


Commence with AotZForex Wednesday 1 February Daily Forex trading tips, ahead of key economic data from the UK and USA today. After disappointing Chinese PMI data, will UK follow. Mixed economic data from USA ahead of FOMC?  USD bullish?

AtoZForex-Brief outlook at today’s Daily Forex trading tips.  On the economic calendar today there are six (6) remaining high impact data news events. There is one (1) high impact news non-data based events remaining. Will traders be bullish on USD?

@9:30am GMTUK Manufacturing PMImarkets expects a contraction to 55.9 from 56.1

@1:15pm GMTUSA ADP Non Farm Employment Change, expected to show an increase from 153k to 165k

@3:00pm GMTUSA ISM Manufacturing PMI  expected to show an increase to 55.0

@3:30pm GMT – USA Crude oil inventories, expect a reduction from 2.8M to 2.6M

@7:00pm GMTUSA FOMC Statement

@7:00pm GMT – USA Federal Funds rate, expect no change 

Wednesday 1 February Daily Forex trading tips

AtoZforex Hint: Do not trade on a single news event, look at the total picture when news releases are at similar times. 

 # 1 EURUSD – Wednesday 1 February Daily Forex trading tips

Fundamentals –  Focus remains on ECB, Brexit and elections in Europe. With populism on the rise, uncertainty hangs over European status quo, even though economic outlook seems to be improving.

Economic side  There are no high impact economic data releases today. Remains US dollar driven, any news from the uSA will impact the EUR.

Technicals Intraday (H1 chart) – Currently, price is trading above the hourly 20sma and 100sma,  with 20sma sloping up and 100sma sloping up. The 20sma is above the 100sma at the time of writing. MACD histogram and signal line are in positive territory and RSI is just above the neutral zone. Price broke through the 1.0772 strong resistance level just above the 23.6% Fibonacci retracement zone and reversed from 1.0810 level just below the 10.0% Fibonacci retracement zone.

Wednesday 1 February Daily Forex trading tips: USD bearish? Daily Forex Trading Tips for EURUSD H1 (click to zoom in)

Yesterday, price did extend further to the upside, and clearly broke above the 1.0772 level for a bullish move to the 1.0810-15 target.   There is a strong resistance zone between 1.0860 to 1.0875. On the down side, only a clear break below the 1.0650 level would support a downward move to 1.0560 a strong support level.

Yesterday’s Fx order – BUY LIMIT @ 1.0694; SL @ 40pips; TP@ 60pips; was triggered and target reached easily. 

 Fx  order playing out – SELL LIMIT @ 1.07984; SL @ 1.08385; TP@ 1.07385;

(Long term Fx pending order – SELL LIMIT @ 1.0855; SL @ 1.09211; TP@ 1.0768)

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

AtoZ Forex Daily Free Forex Signals

#2 GBPUSD – Wednesday 1 February Daily Forex trading tips

Fundamentals –  Brexit negotiations still main driver for the GBP and will remain so for the next two years. Meeting with President Trump appears to have been successful, with UK PM inviting USA President to the UK.

Economic side- There is one high impact economic data releases today. Expect GBP to drop on poor PMI data this morning.

Technicals Intraday (H1 chart) – Currently, we have price testing the 20sma . The hourly 20sma is sloping up, while the 100sma is sloping slightly down, with the 20sma having crossed the 100sma.  MACD histogram and signal line are in bullish territory. RSI has moved into the buy zone.  The 1.2530 has now become a key resistance level, which also at the 38.2% Fibonacci retracement zone.  Our outlook remains unchanged from yesterday. A clear break below the 1.2465-00 level will see a move towards the 1.2410-00 level near the 50% Fibonaaci zone at 1.2401. If price break below 1.2385-00 level, we can expect further bearish extension towards the 1.2275-70 level near the 61.8% Fibonacci retracement zone.

Wednesday 1 February Daily Forex trading tips: USD bearish? Daily Forex Trading Tips for GBPUSD H1 (click to zoom in) 

Yesterdays Fx order: SELL LIMIT @ 1.2530; SL @ 40pips; TP1 @ 60pips; triggered and hit SL.

Possible Fx pending order: BUY LIMIT @ 1.2518; SL @ 40pips; TP1 @ 60pips; 

 

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

Think we missed something? Let us know in the comments section below.

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