Market Brief Series / EP. 482 / 12 Feb. 2019
Overall there is strength in the USD, with minor strength in the EUR and CAD. Minor weakness in the CHF, JPY and AUD.
Oil prices rose on Tuesday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. production and concerns over economic growth to keep markets in check.
USD notched its seventh consecutive day of gains Monday, as economic concerns weighed on the euro and British pound, while the Swiss franc recovered from a sharp early-session decline.
USD/JPY clocked a new 2019 high of 110.65 soon before press time, reinforcing the bullish view put forward by the symmetrical triangle breakout confirmed yesterday.
GBP/USD trades little positive near 1.2860 while heading towards European session on Tuesday.
AUD/USD managed to post a day’s high near 0.7090 on the US President Donald Trump’s comments favoring a likely trade deal between the US and China.
EUR/USD was recently down 0.4% at 1.1278. The pair is looking pretty bearish and heading towards the 1.1200 levels, unless it breaks the resistance of 1.1340 on the upside.
On the data slate there’s German Buba President Weidman Speech; US Business Optimism Index; UK BOE’s Governor Carney Speech; US Redbook Index; US Job Openings and US Fed’s Chairman Powell Speech.
Today Trading Plan
SELL EUR/USD @ 1.1280 OR BETTER – STOP @ 1.1340– TARGET @ 1.1200
SELL GBP/USD @ 1.2880 OR BETTER – STOP @1.2950 - TARGET @ 1.2775
BUY USD/JPY @ 110.50 OR BETTER – STOP @ 109.70 – TARGET @ 111.40
SELL CL0319 @ 52.80 OR BETTER – STOP @ 53.50 – TARGET @ 51.80
SELL AUD/USD @ 0.7085 OR BETTER – STOP @ 0.7120 – TARGET @ 0.7010
SELL XAU @ 1308 OR BETTER – STOP @ 1315 – TARGET @ 1298
SELL XAG @ 15.75 OR BETTER – STOP @ 16.20 – TARGET @ 15.10
