Market Brief Series / EP. 327 / 21th May. 2018
Overall there is strength in the NZD and CHF. Weakness in the CAD, GBP and EUR.
USD rose 0.2 percent to 110.99 yen in early Asian trade, nearing a four-month high of 111.085 yen that had been set on Friday.
AUD is showing signs of strength against other currencies, with its fundamental support looking more solid.
NZD/USD has recovered 10 pips from the session lows, but is still down 0.16 percent on the day and was last seen trading 0.6905.
EUR/USD pair is posting a technical rebound from a daily close of 1.1850 marked on May 9. However, it remains at levels below the descending 20-day moving average, which stays below the 50-day one. RSI remains in the 30s, indicating a lack of strong upward momentum for the pair. In case the current rebound loses steam, the pair could target 1.1650 on the downside. Only a break above the key resistance of 1.1850 would turn the short-term outlook bullish again and call a bounce toward 1.2000.
On the data slate there’s US OPEC Meeting; German Buba Monthly Report; US Chicago Fed National Activity Index; US 3- and 6-Month Bill Auctions; US FOMC Member Bostic Speech; US FOMC Member Harker Speech and US FOMC Kashkari Speech.
BUY EUR/USD @ 1.1750 OR BETTER – STOP @ 1.1700 – TARGET @ 1.1850
BUY GBP/USD @ 1.3450 OR BETTER – STOP @ 1.3400 – TARGET @ 1.3600
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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