Forex News Trading: Trades for Tuesday, June 2, 2020

1:30 AM EDT
AUD Cash Rate
AUD/USD

There is not a lot of speculation available on the odds of a rate change. It seems unlikely they will begin raising it this soon, but I have no data to back that up, only gut feel. I would not even consider getting up at this hour to do this, but if you are up anyway you might give it a try.

I would do a buy only since the world seems to be in the very beginnings of a recovery at this time.

SETTINGS: Set buy/sellPips to 35 and buyOnly to “y”. Get out if there is not a huge spike within a couple seconds of the posted time.

9:30 PM EDT
AUD GDP q/q
AUD/USD

The forecast is for -0.4% growth, which represents a -0.9% drop from last quarter. I think the month to month drop will be a lot less drastic, but this is reported quarterly hence the big swing. The market will likely treat this like the recent trades, ignoring big deviations, but it will be worth a small trade anyway.

SETTINGS: Set buy/sellPips to maybe 10 or 12. I’d get out pretty quick whether you go live or not. Trade small lot sizes.

About Barry Battista

I am a software guy that started trading in 2006. I have been trading the news for a living ever since. Eventually I wrote some code to help a friend and I improve our odds, and gradually the software took on a life of its own. My intention is to adapt this trading style to the ever changing Forex markets to always provide the trader with the tools and information to give them the maximum odds of a profitable trade.
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