Market Brief / 03-07-2017
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The EUR/USD pair recorded higher tops and higher bottoms since January, which confirmed a positive outlook. The upward momentum is further reinforced by the rising 20- and 50-period moving averages.
The RSI is heading upward. To sum up, as long as 1.1350 is not broken, look for a new rise to 1.1465 and even 1.1520 in extension. Alternatively, below 1.1350, expect a pull back to 1.1280.
On the data slate there’s Switzerland Real Retail Sales; Switzerland Purchasing Managers’ Index; German Manufacturing PMI; Euro-Zone Manufacturing PMI; UK Manufacturing PMI; Euro-Zone Unemployment Rate; US Manufacturing PMI; US ISM Prices Paid; US Construction Spending; US 4-Week Bill Auction; US 3- and 6- Month Bill Auctions and US Total Vehicle Sales.
BUY EUR/USD @ 1.1400 OR BETTER – STOP @ 1.1350 – TARGET @ 1.1550
BUY GBP/USD @ 1.2990 OR BETTER – STOP @1.2945 – TARGET @ 1.3110
SELL USD/JPY @ 112.50 OR BETTER – STOP @ 112.90 – TARGET @ 111.50
BUY CL0817 @ 46.00 OR BETTER – STOP @ 45.60 – TARGET @ 47.60
BUY AUD/USD @ 0.7650 OR BETTER – STOP @ 0.7600 – TARGET @ 0.7770
BUY XAU @ 1235 OR BETTER – STOP @ 1230 – TARGET @ 1250
BUY XAG @ 16.50 OR BETTER – STOP @ 16.00 – TARGET @ 17.30
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 AND IT IS NOT FOR EVERYONE.
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