Market Brief / 12-10-2017

EUR/USD expects further advance. The pair recorded higher tops and higher bottoms since October 6, which confirmed a positive outlook.

The upward momentum is further reinforced by both rising 20- and 50-period moving averages. RSI is bullish and calls for another advance.

Therefore, above 1.1830, look for a new challenge to 1.1890 and even to 1.1925 in extension. Alternatively, a break below 1.1830 would trigger a return with 1.1795 (the low of October 11) as target.

On the data slate there’s UK BOE Credit Conditions and Bank Liabilities Surveys; Euro-Zone Industrial Production; US PPI Final Demand; US Initial Jobless Claims; US Continuing Claims; Euro-Zone ECB President Draghi Participates in Panel in Washington; US Crude Oil Inventories; Euro-Zone ECB’s Coeure Speaks at Panel in Washington and Euro-Zone ECB’s Lautenschlaeger Speaks at Panel in Washington.

BUY EUR/USD @ 1.1840 OR BETTER – STOP @ 1.1790 – TARGET @ 1.1930
BUY GBP/USD @ 1.3220 OR BETTER – STOP @ 1.3170 – TARGET @ 1.3320
SELL USD/JPY @ 112.50 OR BETTER – STOP @ 113.00 – TARGET @ 111.70
BUY CL1117 @ 51.00 OR BETTER – STOP @ 50.30 – TARGET @ 52.00
BUY AUD/USD @ 0.7790 OR BETTER – STOP @ 0.7735 – TARGET @ 0.7870
BUY XAU @ 1288 OR BETTER – STOP @ 1280 – TARGET @ 1305
BUY XAG @ 17.10 OR BETTER – STOP @ 16.60 – TARGET @ 17.80

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.

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