Market Brief / 27-09-2017

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US Federal Reserve Chairwoman Janet Yellen commented that the central bank has to raise interest rates gradually as it would be imprudent to keep monetary policy on hold until inflation is back to 2%.

She added, “Without further modest increase in the federal funds rate over time, there is risk that the labour market could eventually become overheated, potentially creating an inflationary problem down the road that might be difficult to overcome without triggering a recession.”

EUR/USD saw heavy selling for a second day as political uncertainty grew following the German election, which showed decreasing support for Chancellor Angela Merkel’s conservatives and strong following of nationalist Alternatives for Germany Party (AFD).

EUR/USD shed another 0.5% to 1.1791. In two days, the pair lost 161 pips or 1.4%. Despite of recent rebound, the pair is still capped by a bearish trend line since September 22. The declining 50-period moving average is playing a resistance role.

RSI lacks upward momentum. To conclude, as long as 1.1830 holds on the upside, look for a new test to 1.1760 and even 1.1710 in extension. Alternatively, above 1.1830, expect a new advance with 1.1860 and 1.1900 as targets.

On the data slate there’s Switzerland Consumption Indicator; US Mortgage Applications; US Durable Goods; US Pending Home Sales; US Crude Oil Inventories and US Fed’s Bullard Speaks on Economy and Monetary Policy.

SELL EUR/USD @ 1.1805 OR BETTER – STOP @ 1.1860 – TARGET @ 1.1710
SELL GBP/USD @ 1.3470 OR BETTER – STOP @1.3520 – TARGET @ 1.3365
BUY USD/JPY @ 112.00 OR BETTER – STOP @ 111.60 – TARGET @ 112.85
SELL CL1117 @ 52.50 OR BETTER – STOP @ 53.00 – TARGET @ 51.65
SELL AUD/USD @ 0.7890 OR BETTER – STOP @ 0.7945 – TARGET @ 0.7810
SELL XAU @ 1298 OR BETTER – STOP @ 1306 – TARGET @ 1281
SELL XAG @ 16.95 OR BETTER – STOP @ 17.30 – 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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