Market Brief / 06 - 02 - 2018

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The global selloff in stocks rippled through Europe and Asia as well, as a long-running market rally threatened to become a rout. Indices in all three regions gave up their gains for 2018.

US dollar rose Monday, as investors sought shelter amid a selloff in stocks. Fears of rising inflation and higher government bond yields batter stocks Monday.

ECB President Mario Draghi gave upbeat comments on the euro-zone economy before the European Parliament, while saying, “New headwinds have arisen from the recent volatility in the exchange rate, whose implications for the medium-term outlook for price stability require close monitoring.”

EUR/USD pair is striking against the lower Bollinger band, showing a high possibility of accelerating toward the first downside target at 1.2350. Intraday bearishness is maintained by the descending 20-period moving average, which stays below the 50-period one.

RSI suggest continued downward momentum for the pair. A cross below the immediate support at 1.2350 would open a path toward 1.2310 and 1.2265 on the downside.

On the data slate there’s German Factory Orders; German Buba President Weidmann Speech; US Trade Balance; US Fed’s Bullard Speech; US Redbook Index; US 4-Week Bill Auction and US 3-Year Note Auction.

My Personal Trading Plan
SELL EUR/USD @ 1.2375 OR BETTER – STOP @ 1.2435 – TARGET @ 1.2265
SELL GBP/USD @ 1.3965 OR BETTER – STOP @ 1.4030 – TARGET @ 1.3840
SELL USD/JPY @ 108.85 OR BETTER – STOP @ 109.30 – TARGET @ 107.90
SELL CL0318 @ 63.50 OR BETTER – STOP @ 64.10 – TARGET @ 62.25
SELL AUD/USD @ 0.7875 OR BETTER – STOP @ 0.7930 – TARGET @ 0.7780
BUY XAU @ 1340 OR BETTER – STOP @ 1337 – TARGET @ 1360
BUY XAG @ 16.80 OR BETTER – STOP @ 16.50 – 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. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.

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