It was a slow week for me with a small GBPUSD gain Wednesday, that ran after we had closed the trade during some whipsaw action.
Today however the trading was very worthwhile. A GBPUSD short was taken early in the U.S. session overlap, risking 18 pips for a potential 55 pips to our daily target at 1.2323.
The S&P futures were indicating a move lower at the open. This coupled with value month end, which is typically associated with USD corporate buying.
The pair was a little slow to get going but made it all the way down to our target where we exited.
A second trade was taken 15 minutes later. A long was taken on the USDCAD risking 19 pips for a potential 50 pips to our daily target at 1.3716.
This pair moved quickly but missed our target by one pip 3 candles in a row and we gave back a few pips when it failed a fourth time.
The increasing number of confirmed virus infections in the U.S. is alarming and the headlines appear to be spooking equity investors.
The DXY has moved up for 3 days in a row and a close above 97.50 would be bullish going into the weekend.
Good luck with your trading, stay healthy and enjoy your weekend!