Trade Ideas Thread - European Session 6 August 2020

Published date: .

It has pretty much been the same theme day in, day out this week as we once again see the dollar mildly weaker to start European morning trade.

WCRS 06-08

EUR/USD is inching closer towards a test of 1.1900 once again - the overnight move stalled there - while AUD/USD is still in search of a firm break above 0.7200. Meanwhile, cable is also flirting with a potential move towards the 9 March high @ 1.3200.

USD/CAD is looking very much in favour of sellers after breaching the June low to its lowest levels since February now under 1.3300.

Elsewhere, gold and silver buyers are still unrelenting as we see the former close in on $2,050 currently while the latter is gaining by over 2% to $27.55.

The market is sticking with "what it knows" over the past few days but the key risk event will come from tomorrow's US non-farm payrolls and whether or not we'll see Congress reach a stimulus agreement before the weekend.

For now, it seems to be a 'carry on as you will' kind of trading week for the most part.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.