FX.co ★ Skull999 | Skull&Bones666 Trading Journals

A Very Warm Welcome To All My Visitors And Investsocial Members. Hello, my dear! How are you? I hope you are doing well and enjoying the Forex platform with InstaForex Broker?. The US dollar index is still under bearish to a neutral bias, and 104.00 resistance is intact for the buyers. However, the buyers faced strong rejection from 104.00 and struggled to recover from over a week's low during a sluggish Asian session. Therefore, the recent trend is indecisive after consecutive days of downtrend move, which refreshed the year high of 104.00 and remained under a bearish trajectory. However, Durable Goods Orders in May rose by 0.7%, again with the expected ratio of 0.01 and before of 0.04%. In addition, the US pending Home sale data came to surprise bulls by coming in 0.7% worse than expected in May and -4.0% worse than expected. Therefore, Monday's positive released data failed to boost the buyer's confidence. However, Tuesday's opening was quite positive with a gain of 0.05% but still failed to resume the upwards momentum to streach the positive bias. Technically, the price nearly traded at the resistance of 104.00 in a sideways trend. The is no specific trend unless the price surpasses the resistance level of around 104.30 and strengthens above the 104.30 level. Alternatively, the support of the 50-DMA has created pressure of support at 103.15. RSI and MACD also suggest a bearish to neutral trend. Therefore, we can assume the market remained sideways and drifted around 103.15 as support and 104.30 as the resistance level.

Today economic events Today, in the Asian session, we have a high-impact USD index economic event, CB Consumer Confidence. Therefore, risks are likely to influence the rapid price movements of the DXY ahead of the US CB Consumer Confidence report for June. The last CB number came to 106.4. let's see how today impacts the Index movement. Afterward, the Richmond Manufacturing Index might be crucial, which would describe the conditions, including shipments, new orders, and employment. Both economic events are essential for the index moment, and their related data might help in the breakout of the consolidation zone.

Running trade The oil market has succeeded in rebounding and entered into a demand zone. Currently, the price is trading above the resistance at 110.50. Therefore, I have opened three buy positions from the level of 110.62. The breach out of 50-SMA and formation of a Doji candle might instigate a bullish trajectory, which might lead the momentum towards the 113.53 at 200-SMA and then 114.49. However, the buyers surpassed the 23.6% Fibonacci level, including the SMA-50. Therefore, I have opened my buy position because there is no resistance yet, and the price could pave toward the 113.53, which is my take profit level.

Close Trade The gold price failed to rebound from 1826 and slipped below the support of 1826. Therefore I decided to close my buy position loss of -18$. The market trend is slightly bearish to neutral, and price cold drove in the negative direction. Thus, I decided to close my trade manually before the buy position caused my account margin call. The major SMAs of 100 and 200 are flat than the price, which could create a downward trend.