Market Brief / 10-11-2017

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USD reversed to the downside following report that a Senate tax plan would delay corporate tax cuts until 2019, one year later than the House of Representatives’ proposal.

EUR/USD pair recorded higher tops and higher bottoms since November 8, which confirmed a bullish outlook. The upward momentum is further reinforced by both rising 20- and 50-period moving averages.

RSI lacks downward momentum. So, above 1.1615, expect a new challenge with targets at 1.1655 and 1.1690 in extension. Alternatively, below 1.1615 look for a return to 1.1580 and 1.1552 as targets.

On the data slate there’s UK Industrial Production; UK Manufacturing Production; UK Visible Trade Balance; UK Trade Balance; UK GDP Estimate; US U. of Michigan Sentiment; US Baker Hughes US Rig Count and US Monthly Budget Statement.

My Personal Trading Plan

SELL EUR/USD @ 1.1655 OR BETTER – STOP @ 1.1695 – TARGET @ 1.1555
SELL GBP/USD @ 1.3140 OR BETTER – STOP @ 1.3195 – TARGET @ 1.3050
BUY USD/JPY @ 113.20 OR BETTER – STOP @ 112.80 – TARGET @ 113.90
SELL CL1217 @ 57.00 OR BETTER – STOP @ 57.40 – TARGET @ 56.10
SELL AUD/USD @ 0.7685 OR BETTER – STOP @ 0.7715 – TARGET @ 0.7600
SELL XAU @ 1288 OR BETTER – STOP @ 1295 – TARGET @ 1275
SELL XAG @ 17.20 OR BETTER – STOP @ 17.60 – TARGET @ 16.40

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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