Market Brief / 06-12-2017

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US dollar edged higher Tuesday, as investors awaited key US economic data later in the week. Investors will be keeping a close eye on Friday’s US employment data, as they try to gauge the economy’s strength and determine the pace at which the Federal Reserve will be able to raise interest rates next year.

EUR/USD key resistance is at 1.1850. The pair marked a low of 1.1799 yesterday. Currently, it is trading as levels around the 20-period moving average while being capped by the key resistance at 1.1850.

RSI is yet to recover the neutrality level of 50. As long as the key resistance at 1.1850 is not surpassed, the pair stands higher chances of returning to 1.1800 on the downside and even lower at 1.1765. Alternatively, above 1.1850 we could see a rebound to 1.1895.

On the data slate there’s German Factory Orders; Switzerland CPI; German Construction PMI; German Retail Sales; US Mortgage Applications; US Employment Change; US Non-Farm Productivity; US Labour Costs and US Crude Oil Inventories.

My Personal Trading Plan
SELL EUR/USD @ 1.1835 OR BETTER – STOP @ 1.1885 – TARGET @ 1.1765
SELL GBP/USD @ 1.3450 OR BETTER – STOP @ 1.3505 – TARGET @ 1.3360
BUY USD/JPY @ 112.35 OR BETTER – STOP @ 112.00 – TARGET @ 113.10
SELL CL0118 @ 57.70 OR BETTER – STOP @ 58.30 – TARGET @ 56.60
SELL AUD/USD @ 0.7600 OR BETTER – STOP @ 0.7650 – TARGET @ 0.7540
SELL XAU @ 1268 OR BETTER – STOP @ 1273 – TARGET @ 1255
SELL XAG @ 16.20 OR BETTER – STOP @ 16.50 – TARGET @ 15.65

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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