Market Brief Series / EP. 442 / 9th Nov. 2018

lordoftruth (71)in #forex • 6 years ago

Overall there is strength in the USD with minor strength in the AUD. Weakness in the EUR, JPY, NZD, CHF and GBP.
FOMC meeting, as expected, left interest rates unchanged while reiterating US economic strength and hinting at further gradual rate increases.
Oil markets on Friday remained weak as rising supply and concerns of an economic slowdown pressured prices, with U.S. crude now down by around 20 percent since early October.
USD was little changed on Friday after the Federal Reserve left interest rates on hold as expected. The Aussie dollar slipped after China reported weaker-than-expected China PPI release.
GBP is struggling as GDP figures take the day's podium from Brexit headlines for the early hours.
USD/JPY one-month 25 delta risk reversal (JPY1MRR) hit five-week highs Friday, signaling that investors are likely positioning for further dollar rally.
AUD/USD is currently trading at 0.7250, representing a 0.10 percent drop on the day, and may drop further on bearish technical setup and dismal China inflation data.
EUR/USD dropped 0.5%. Italian Finance Minister Giovanni Tria reiterated that his government will not alter its budget target, stating: “The European Commission’s forecasts for the Italian deficit are in sharp contrast with those of the Italian government. RSI is still subdued in the 30s, indicating downward momentum for the pair. Unless the key resistance at 1.1390 is surpassed, a pull-back to 1.1300 is expected.
On the data slate there’s UK GDP; UK Manufacturing Production; UK Industrial Production; UK Total Business Investment; UK Index of Services; UK Trade Balance; UK Total Trade Balance; UK Goods Trade Balance; Euro-Zone ECB Coeure Speech; US Fed’s Quartes Speech; US PPI; US Michigan Consumer Sentiment Index; US Wholesale Inventories and US Baker Hughes US Rig Count.

Today Trading Plan

SELL EUR/USD @ 1.1365 OR BETTER – STOP @ 1.1410 – TARGE T @ 1.1280
SELL GBP/USD @ 1.3075 OR BETTER – STOP @ 1.3125 - TARGET @ 1.3000
BUY USD/JPY @ 113.65 OR BETTER – STOP @ 113.00 – TARGET @ 114.35
SELL CL1218 @ 60.65 OR BETTER – STOP @ 61.20 – TARGET @ 59.10
SELL AUD/USD @ 0.7270 OR BETTER – STOP @ 0.7295 – TARGET @ 0.7150
SELL XAU @ 1222 OR BETTER – STOP @ 1230 – TARGET @ 1208
SELL XAG @ 14.50 OR BETTER – STOP @ 14.80 – 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.