The first few minutes of informal foreign exchange dealings in oceanic banks shows a partial strengthening of the US dollar index and slight weakening of other currencies against dollar, including Japanese Yen.

A new US government funding package to support unemployed workers, with a monthly allocation of at least $1200 per worker is on the way.

Senator Chuck Schumer
(Senate minority leader):

The Republicans plan to support unemployed workers is not comprehensive and sufficient!

This plan does not include 30% of workers and does not provide them with financial assistance.


Nancy Pelosi Speaker of the United States House of Representatives):
We will find a way to reach an agreement between the two parties to fund workers' support.


______________

Its obvious the future of dollar depends on this financial support package.. if the senate approves the plan we will see USD getting weaker as a result of it. But if they dont reach an agreement on it we can expect USD correcting its fall since most of the expected weakness has been priced in already.

Had a good start for the week on the signal service (@Linorth_bot) with about 300 green pips grossed (Linorth.com/signal-stats)

Kinda makes up for being sick and in bed the entire last week..

Now its time to go hunting for new opportunities.. in this current climate we need to act like a sniper.. paitiently waiting until its the right time to enter a trade.



I have had my dev brush up the website a bit so I can add zoom sessions to the current setup. Still need a bit time before I can do that.. but soon we will be able to follow the market together in a more 'live class' manner.

Feds just approved the extension of their pandemic lending program till the end or 2020 so they will continue to pump in more dollars into the market strongly.

Signal Type: New Order
Order Type: Market Buy
Instrument: #EURUSD
TimeFrame: H1
Entry Price: 1.16565
TP1: 1.17290
TP2: 1.17975
SL: 1.15799

result!

signal service past performance is available at ( Linorth.com/signal-stats)

Signal Type: New Order
Order Type: Market Sell
Instrument: #USDCAD
TimeFrame: H1
Entry Price: 1.34085
TP1: 1.33785
TP2: 1.33520
SL: 1.34410

result: reaching targets, climbing to entry and reaching targets again! (still has room to continue the fall if oil moves towards $50 per barrel)

signal service past performance is available at ( Linorth.com/signal-stats)

"Not even thinking about thinking about raising rates" these words by Jerome Powell, Chairman of the Federal Reserve tells us everything we need to know about the future of USD in forex (and future of US stock market as well)

more weakness on the USD is expected as the fed continues to print more dollars and inject into market. this was expected by most investors anyways as money continues to flow towards stocks and safe haven commodities like gold.

All we need to do is to be careful about the possibility of a temporary correction on dollar index and then we can easily keep riding the wave.

Signal Type: New Order
Order Type: Market Buy
Instrument: #GBPJPY
TimeFrame: H4
Entry Price: 135.135
TP1: 137.127
TP2: 139.139
SL: 133.091
#Explanation: this one is a bit tricky.. we are a bit higher than ideal entry, but I think since gold is hitting its historic high, we might see a correction there and that will push this pair up to its targets.

so if you want to take this one right away (its currently at 135.700 ) you can put your stop behind 133.382 and swing it up for the target of 137.937.

Result: 400 pips on this chart alone.

kind of regret getting out of this trade a bit after sharing it! hah!

Messages like this one are the fuel that keeps my motors running! 🙏🏼❤

(Signal service: @Linorth_bot
Past performance: Linorth.com/signal-stats/)

A couple hours ago the feds unveiled a new measure to support the economy.

The US Federal Reserve has ordered 35 major US banks to provide liquidity needed to borrow and lend to the market.

this program is going to start from the beginning of October.

they are basically going to continue print USD to support the market. so more weakness of the dollar is expected.

According to International Monetary Fund (IMF) the volume of purchases by the US Federal Reserve can increase soon.

(More QE is on the way, which is going to weaken the dollar even more)

Gold fell for around $120 dollars after Russia announced their vaccine for Covid19.
Despite other reports saying the Russians have rushed to register their vaccine after only the first phase of testing.



(I think the fall is mostly from profit taking of investors. After the news of vaccine, the appetite for risk is rising again so its likely for the money to flow towards stock market)

my medium term view on #Gold.

I had 2020 as the ultimate target for bulls and expected profit taking to happen between 2017-2020 price area, but price action managed to almost touch 2075 before getting stopped.
the wave down in my opinion is from profit taking, and now that it has touched the midway support level 1881-1901 price area (based on weekly chart historic levels) I ran my algo on the chart again with the new pivots in the calculations, and now you can see the purple lines of it.

now I believe we are either going to see a bull run immediately following the red candles from that small blue box (after touching the purple line) aiming to break the 2075 high (but only slightly. basically touching the top purple line a bit further in the future, just enough to take out stops behind the 2075 high.. my guess is 2081)

OR we the price is going to gradually climb down towards the PRZ area (big blue box) for the rest of the month to close the monthly candle around 1818 price area.

I obviously don't have an orb telling me the future, I'm just sharing my personal opinion. I'm not suggesting any trades here for you guys :D

LIVE: President Trump News Conference | 5:30pm Eastern
https://youtu.be/es2rEJAEMAQ

interesting. will it get stopped here and continue down? or will it range inside this area and climb higher?
we'll see soon enough

#update

I'm going to close this week's trading here.
we have grossed 400 green pips this week (linorth.com/signal-stats) so I think we can end the work week here.

we now only have the #GBPCHF trade running so that will either add 45 pips more or will cost us 45 pips which is fine both ways.. we can't win all the time! haha

I will still keep an eye on the charts to alert you if I find a good trading opportunity.

Thank you all for the support.
have a nice day wherever you are.

Regards
@Linorth