A1 TRADING | Indices, Commodities, Forex, Futures
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GBP/USD continued its multiday rally this morning, jumping over 160 pips intraday. After finding strong support at the 1.22 level last Friday as US import prices month-over-month remained static despite expectations, bullish momentum continued Monday as net foreign investment in US securities was far lower than expected. This price action was exacerbated today by positive news for the pound as the UK’s Office for National Statistics revealed higher than expected average earnings for employees, and a national unemployment rate of 3.7%, below the anticipated 3.8%. Let’s take a closer look as we discuss how to trade GBPUSD now.
🚨 TRADE UPDATE! EURCAD. Nick just moved his stops to breakeven on his EURCAD trade which he shared with VIP members. Read his full breakdown on WHY he took this trade!

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What pair would you like to see an Edgefinder forecast for?
Anonymous Poll
36%
CADCHF
64%
GBPCAD
🚨 FREE EDGEFINDER FORECAST! GBPCAD

πŸ“‰GBPCAD is a strong SELL

- Retail Sentiment: Retail traders are long on GBPCAD. Retail traders are usually wrong so you should do the opposite!

- Seasonality: This month is historically a bad month for GBPCAD

- COT Data : Institutional traders are heavily short on GBP and heavily long on CAD

- Trend Reading: Overall the pair is trending downwards, price recently came up to an area of resitance and it is likely we'll see a pullback

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AUDCAD hits a double bottom on the 1D timeframe and bounced. Price is slightly down today before Australia's employment numbers come out today. We might see a test at resistance around 0.90488 if jobs numbers miss. Either way, volatility is expected to be pretty high today.
Gold comes up today after a retracement on the 1D from the 200 DMA. Price may oscillate between these two levels of support and resistance around $1781 and $1830. Bullishness is not very prevalent for this metal as the USD remains strong.
SPX500 tanks today after a somewhat promising rebound from the lows four days ago. There is still a chance price could establish a higher low on this timeframe, but the overall trend suggests further downside. Investors are concerned over a higher cost on things like fuel and wages directly caused by inflation .
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πŸ€” Has USD Peaked? Warning To Bears

Over the past couple days, the USD has retraced considerably from the highs as the dollar index is lower by another 1% today. A couple of things have signaled that dollar strength has peaked, but USD bears should not be too quick to switch sides just yet. There are still warning signs ahead for the risk-on traders.

https://a1trading.com/has-usd-peaked-warning-to-bears/
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USDJPY is coming down again today as the USD shows signs of weakness and the stock market makes new lows. This could be a potential long setup for the pair as price nears support around 125.119 and the 50 DMA.