Market Brief Series / EP. 440 / 7th Nov. 2018

lordoftruth (71)in #forex • 5 years ago

Overall there is strength in the NZD, GBP, and AUD. Weakness in the JPY, CAD, and USD.
USD was subdued on Tuesday as mid-term elections started. The ICE Dollar Index slipped 0.1% to 96.26.
EUR/USD struck to upper boundary of Bollinger Bands, calling for an upward acceleration. RSI advocates for a further upside. Therefore, above 1.1410, look for a new challenge with target at 1.1475. Alternatively, crossing below 1.1410 would bring a return with 1.1350 as target.
On the data slate there’s German Industrial Production; Euro-Zone Non-Monetary policy’s ECB Meeting; UK House Prices; German 10-Year Bond Auction; Euro-Zone Retail Sales; US Mortgage Applications; US Crude Oil Inventories; US 30-Year Bond Auction and US Consumer Credit Change.

Today Trading Plan

SELL EUR/USD @ 1.1450 OR BETTER – STOP @ 1.1495 – TARGE T @ 1.1330
SELL GBP/USD @ 1.3120 OR BETTER – STOP @ 1.3185 - TARGET @ 1.3025
BUY USD/JPY @ 113.20 OR BETTER – STOP @ 112.70 – TARGET @ 114.10
SELL CL1218 @ 62.00 OR BETTER – STOP @ 62.55 – TARGET @ 60.65
SELL AUD/USD @ 0.7240 OR BETTER – STOP @ 0.7280 – TARGET @ 0.7150
SELL XAU @ 1230 OR BETTER – STOP @ 1240 – TARGET @ 1210
SELL XAG @ 14.70 OR BETTER – STOP @ 14.90 – TARGET @ 13.70

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.