Trading Plan: Tuesday 25th June 2019

Mark NugentJune 2019, Trading Plan

Trading Plan: Tuesday 25th June 2019

Last week was dominated by the ECB, Fed and US/Iran tensions.

On Tuesday, ECB head Draghi talked about additional stimulus, rate cuts and more QE. Equities love that and rose. The EUR fell but only for one day.

On Wednesday the Fed dot-plot was seen as dovish. The USD dropped and equities took another leg up.

Towards the end of the week the Iranians shot down a US drone and the US almost launched a counter-attack. Sentiment was grim and the equity rise halted. The major beneficiary was GOLD as the two elements of risk sentiment and the weakening USD worked together to force the price through major resistance on Thursday.

This week the sentiment is still off and we see the USD dropping, GOLD soaring and equities pausing while we wait for the Trump/Xi summit on Saturday at the G20 in Osaka. I’ll also be poised for the current AUD rally to fade, which it will.

Happy trading.

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