Market Brief Series / EP. 326 / 18th May. 2018
Overall there is minor strength in the GBP, USD, AUD and CHF, and weakness in the JPY, NZD and EUR.
Brent breached $80 a barrel for the first time since November 2014 as OPEC’s output curbs tightened surpluses around the world and the outlook for shipments from Venezuela and Iran worsened. Nymex crude futures settled steady at $71.49 a barrel.
ICE Dollar Index climbed to 93.46 from 93.39 Wednesday, its highest close since December 19.
AUD/USD is trying to form an inverse head-and-shoulders on a crucial horizontal support.
USD/JPY continues to rise, tracking the uptick in the US treasury yields. The rise in the risk reversals ( drop in JPY call value ) only adds credence to the USD/JPY rally.
EUR/USD pair is off a low of 1.1773 but remains capped by the key resistance at 1.1835. Currently it has returned to levels around the 50-period moving average and RSI is above the neutrality level of 50, showing that momentum could help the pair rebound for a while. However, unless the key resistance at 1.1835 is breached, a pull-back to the first downside support at 1.1760 is expected. Alternatively, above 1.1835, a bounce towards 1.1875 is likely.
On the data slate there’s German PPI; Euro-Zone Trade Balance; US Fed’s Kaplan Speaks in Moderated Q&A; US Fed’s Brainard Speaks About Community Reinvestment Act and US Baker Hughes US Rig Count.
No Change
BUY EUR/USD @ 1.1820 OR BETTER – STOP @ 1.1760 – TARGET @ 1.1995
BUY GBP/USD @ 1.3520 OR BETTER – STOP @1.3465 – TARGET @ 1.3650
SELL USD/JPY @ 111.30 OR BETTER – STOP @ 111.80 – TARGET @ 109.10
BUY CL0718 @ 71.50 OR BETTER – STOP @ 70.80 – TARGET @ 73.00
BUY AUD/USD @ 0.7510 OR BETTER – STOP @ 0.7460 – TARGET @ 0.7590
BUY XAU @ 1290 OR BETTER – STOP @ 1285 – TARGET @ 1305
BUY XAG @ 16.20 OR BETTER – STOP @ 15.80 – TARGET @ 17.00
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