Market Brief / 01-11-2017

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EUR/USD technical outlook is positive as the prices are supported by a bullish trend line since October 27. The rising 50-period moving average is playing a support role.

RSI lacks downward momentum. To sum up, above 1.1620, look for a further upside to 1.1675 and even to 1.1710 in extension. Alternatively, below 1.1620, expect another drop with 1.1600 and 1.1550 as targets.

On the data slate there’s UK Nationwide House Prices; Switzerland PMI Manufacturing; UK PMI Manufacturing; US Mortgage Applications; US Employment Change; US Manufacturing PMI; US ISM Manufacturing; US ISM Prices Paid; US ISM Employment; US Construction Spending; US Crude Oil Inventories and US FOMC Rate Decision.

My Personal Trading Plan

SELL EUR/USD @ 1.1655 OR BETTER – STOP @ 1.1710 – TARGET @ 1.1510
SELL GBP/USD @ 1.3275 OR BETTER – STOP @ 1.3310 – TARGET @ 1.3180
BUY USD/JPY @ 113.50 OR BETTER – STOP @ 112.90 – TARGET @ 114.30
SELL CL1217 @ 54.70 OR BETTER – STOP @ 55.10 – TARGET @ 54.00
SELL AUD/USD @ 0.7665 OR BETTER – STOP @ 0.7705 – TARGET @ 0.7580
SELL XAU @ 1275 OR BETTER – STOP @ 1282 – TARGET @ 1258
SELL XAG @ 16.85 OR BETTER – STOP @ 17.30 – TARGET @ 16.10

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.

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