Market Brief / 19-10-2017

lordoftruth (71)in #forex • 7 years ago

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EUR/USD posted a rebound and broke its 20- and 50-period moving averages. In addition, the bullish cross between 20- and 50-period moving averages has been identified, which indicates a positive signal.

RSI lacks downward momentum. Therefore, as long as 1.1775 is not broken, look for a further rise to 1.1815 and even 1.1835 in extension. Alternatively, a break below 1.1775 would trigger another drop with 1.1755 and 1.1720 as targets.

On the data slate there’s Switzerland Trade Balance; UK Retail Sales; Us Initial Jobless Claims; US Philadelphia Fed Business Outlook; US Continuing Claims and US Leading Indicators.

SELL EUR/USD @ 1.1800 OR BETTER – STOP @ 1.1845 – TARGET @ 1.1720
SELL GBP/USD @ 1.3210 OR BETTER – STOP @ 1.3280 – TARGET @ 1.3100
BUY USD/JPY @ 112.70 OR BETTER – STOP @ 112.15 – TARGET @ 113.65
SELL CL1217 @ 52.10 OR BETTER – STOP @ 52.45 – TARGET @ 51.00
SELL AUD/USD @ 0.7860 OR BETTER – STOP @ 0.7920 – TARGET @ 0.7750
SELL XAU @ 1280 OR BETTER – STOP @ 1288 – TARGET @ 1268
SELL XAG @ 17.10 OR BETTER – STOP @ 17.50 – TARGET @ 16.30

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.