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Trading plan for 01/02/2018

The US Dollar finds support from a slightly hawkish FOMC message, because the March interest rate hike remains in play. EUR/USD is stable at 1.24. The equity market revolves around reference levels. Oil remains high after yesterday's rebound.The stock market in Asia seems lost without an indicated direction on Wall Street. Nikkei 225 managed to increase by 1.7%, but in Shanghai, the main index falls by 1.1%.

On Thursday 1st of February, the event calendar is quite busy with important data releases. The PMI Manufacturing data from all over the Eurozone are the main event during the London session. During the US session, ISM Manufacturing PMI, Continuing Claims, Unemployment Rate, Non-Farm Productivity and Preliminary Unit Labor Costsdata will be released.

EUR/USD analysis for 01/02/2018:

A slightly hawkish FOMC message stopped the market in rush to sell USD, although the positive reaction was limited, because the Fed's flexibility in the pursuit of standardization was not a surprise. The statement has been interpreted in a hawkish way as well as the market participants expected Fed is on a good path to another interest rate hike in March.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The pair spent the greater part of the Asian session close to 1.2420 and only close to the start of trade in Europe, we attempted to deepen the drop at 1.2386. This level was acting as a support for the price and market bounced from this level, but no new high was made yet. The golden trend line is a dynamic resistance now and in order to rally higher, the market must break through it in impulsive fashion.


Market Snapshot: USD/JPY is bouncing higher

The price of USD./JPY has bounced from the technical support at the level of 108.43 and now is testing the local resistance at the level of 109.76. Ony a breakout higher towards the level of 109.84 will confirm the breakout and the strength of the market. Otherwise, the current development might be just another subwave of internal corrective developments.


Market Snapshot: Gap still not filled on SP500 index

The price of SPY (SP500 ETF) has gapped down after the local top at the level of 286.46 and made a local low at the level of 280.80. The gap zone between the levels of 283.26 - 284.47 is still not filled, so the next market move should be targeting this zone.


The material has been provided by InstaForex Company -