Trading the trend: short US dollar basket
We would like to go short the US dollar basket, as we believe the June rise to be corrective and target the 102.00 region. Our stop loss needs to be placed above the April peak at 106.20.
(AI Video Summary)
Previous TUI and gold trading outcomes
In this week's "Trading the trend," the focus is on recent trades and strategic moves in financial markets. A trade on TUI shares remains active but underperforming, with the stop loss adjusted to 24 May's low after breaking even last week.
The gold trade, entered at $2,333 per troy ounce, moved up to $2,387 and is hovering around break-even, with a maintained stop loss just below May's low at $2,270.
This week's trading opportunity
The key proposal for this week is to short the US dollar basket based on Elliott Wave analysis, suggesting a corrective pattern from the 7 June lows. Our stop loss needs to be placed above the April peak at 106.20.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
