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Trading ideas for EUR/USD, USD/CAD and XAU/USD

May 26, 2023

EUR/USD: The bears are currently in control, with the exchange rate hovering near a two-month low reached the day before. This can be attributed to the overall strength of the US Dollar and concerns regarding the economic situation in the Eurozone. As a result, sellers remain optimistic and have been dominating the market for the past three consecutive days. On Thursday, the final GDP figures for the first quarter in Germany were revised downwards to -0.3%, which was lower than the previously estimated 0.0%. In response to this data, the German Finance Minister expressed surprise at the negative signals conveyed by the GDP numbers. Moving forward, short-term movements in EUR/USD will largely depend on various risk factors and their impact on the market.

SELL LIMIT 1.0760/TP 1.0695/SL 1.0795


USD/CAD:The bullish momentum of USD/CAD has paused after reaching a monthly high, as the exchange rate retreated during the mid-Asian session on Friday. This retreat is influenced by the decline in the value of the US Dollar, as well as negative factors such as low oil prices and a pessimistic market sentiment. While the pullback in the US Dollar may be attributed to cautiousness ahead of significant data releases, concerns regarding a potential US default and positive US GDP figures for the first quarter, along with other economic indicators, keep buyers of the Canadian dollar hopeful. Furthermore, mixed sentiments surrounding oil prices are influencing the trading dynamics of the currency pair. The S&P 500 Futures show minor losses, while yields are slightly increasing, reflecting the market’s indecision and providing support for USD/CAD bulls as investors await key US data and concerns over looming debt payment defaults.

BUY LIMIT 1.3570/TP 1.3700/SL 1.3500


XAU/USD: The gold price has continued to decline during the Asian session. Previously, the precious metal experienced a significant drop as concerns grew over the United States economy potentially facing a default situation due to disagreements between the White House and Republican delegates regarding the budget. Despite expectations of a temporary pause in the Federal Reserve’s policy tightening in June, the US dollar index remains strong. The market will closely monitor today’s release of US Durable Goods Orders data. A decrease in durable goods orders would have a significant impact on the core Consumer Price Index, which has exhibited consistent strength.

SELL STOP 1943.00/TP 1931.00/SL 1949.00