November 3, 2019

The Trading Floor

Good morning Forex Kings,

Guys what a week we have had! We decided to take our GOLD profits and the USDJPY SELL hit the take profit last night. 
The SP500 SELL is our only current open position.

Fundamental News

China casts doubts that a trade agreement can be met with President Trump. China has suggested they are unwilling to budge on a number of hurdles in the trade agreement. This caused a sell off on the US stock market from its record highs.

Additionally, the US reported some worse than expected initial jobless claims last night. The market is looking at unemployment and jobless claims in the US as it is currently at record lows, if the unemployment begins to increase, the US economy could be in a world of trouble! (This tends to happen prior to recession)

Tonight the US has its NON FARM PAYROLL report, we will not be trading this as we have secured and closed off all positions apart from the SP500, which should fall into a good profit if there is a negative result tonight.

Technical Analysis

We have a trade set up on the Australian Stock Market today.

The ASX dropped from a major resistance level yesterday. Strong data from the Australian housing market suggests the RBA may not cut interest rates during their next meeting. The market is crying out for lower rates, therefore any strong data from Australia will decrease the chances of a rate cut, and de-value the ASX.

 

Trade Setup
SELL Limit (AUS200) - 6670

Take Profit
6620

Stop Loss
6720

Any questions on the trade set up, please email trades@forex.thecashkings.com.au

Lets keep this winning run going!

Tony Fernandez
Financial Market Analyst
Forex Kings