Market Brief / 18-12-2017

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US dollar strengthened further, boosted by optimism on Congress getting closer to passing a tax-cut plan.

EUR/USD was down for a second day as it declined 0.2% to 1.1752 and remained under pressure while being capped by the descending 20-period moving average, which has crossed below the 50-period one.

RSI still subdued at levels below the neutrality level of 50. Therefore, the intraday outlook continues to be very bearish. As long as the level of 1.1785 holds as the key resistance, the pair should proceed toward 1.1715 on the downside. Above 1.1785, expect a bounce toward 1.1820.

On the data slate there’s UK 10-Year Bond Auction; Euro-Zone CPI; German Buba Monthly Report; UK Industrial Trends Survey and US Housing Market Index.

My Personal Trading Plan
SELL EUR/USD @ 1.1765 OR BETTER – STOP @ 1.1820 – TARGET @ 1.1680
SELL GBP/USD @ 1.3350 OR BETTER – STOP @ 1.3400 – TARGET @ 1.3275
BUY USD/JPY @ 112.50 OR BETTER – STOP @ 112.00 – TARGET @ 112.80
SELL CL0118 @ 57.40 OR BETTER – STOP @ 57.90 – TARGET @ 56.20
SELL AUD/USD @ 0.7655 OR BETTER – STOP @ 0.7710 – TARGET @ 0.7580
SELL XAU @ 1258 OR BETTER – STOP @ 1265 – TARGET @ 1242
SELL XAG @ 16.15 OR BETTER – STOP @ 16.60 – TARGET @ 15.30

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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