US dollar weaker in first NY session of the week

Current Events:

  • US single-family homes rose to 10-year highs in October contributed from stronger employment conditions while the hurricanes have strained the housing market
  • CNBC warns of tax reform realities – only modestly boosting economic growth, significantly increase national debt, and benefit the richest Americans the most (source)

The US dollar experienced a weaker open as we can observe from the below pairs.

USDJPYDaily
USDJPY 1-Day

As we’re currently in the middle of the daily range, USDJPY sold off once again holding resisted on another intra-day level. I consider this a relative high point with expectations of this pair trending lower. As this position develops, I will be looking to tighten my stops accordingly. Ideally, I would be targeting the bottom of the daily range.

GBPUSDH6
GBPUSD 6-Hour

Similarly, I have been looking to trade this daily range breakout provided this pair holds supported above this daily line. I entered expecting the retracement of the breakout to hold supported. This pair has been in a relatively strong uptrend so it is partially concerning that my entry point is not the most optimal.

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