Market Brief Series / EP. 284 / 14 - 03 - 2018

Tech stocks in the S&P 500 fell by 1%, ending a seven-day surge in technology. Qualcomm plunged 4.8% after President Donald Trump blocked the $117 billion takeover of the company by Broadcom citing national security risks.

Market sentiment was also hurt by the biggest shake-up of the Trump’s administration, in which Secretary of State Rex Tillerson was sacked and replaced by CIA Director Mike Pompeo.

US dollar lost traction, impacted by tame February inflation data and the ouster of Secretary of State Rex Tillerson. The ICE Dollar Index dropped 0.3% further to 89.66, extending its decline to a third session.

GBP powered higher as there was nothing particularly damaging in the government’s Spring Statement.

EUR/USD traded above 1.2400 on the back of broad-based U.S. dollar weakness, and is holding on the upside after the upward acceleration on last night.

RSI stands firmly above its neutrality level at 50. Therefore, as long as 1.2355 is not broken, look for further advances with target at 1.2450. Alternatively, below 1.2355, expect a return with 1.2280 as target.

On the data slate there’s German CPI; Euro-Zone President Draghi Speaks in Frankfurt; Euro-Zone Industrial production; Euro-Zone Employment; Euro-Zone ECB Vice President Constancio Speaks in Frankfurt; US Mortgage Applications; US Retail Sales Advance; US PPI; US Business Inventories and US Crude Oil Inventories.

My Personal Trading Plan

BUY EUR/USD @ 1.2400 OR BETTER – STOP @ 1.2360 – TARGET @ 1.2450
BUY GBP/USD @ 1.3970 OR BETTER – STOP @1.3920 – TARGET @ 1.4080
BUY USD/JPY @ 106.40 OR BETTER – STOP @ 106.00 – TARGET @ 107.20
SELL CL0418 @ 61.00 OR BETTER – STOP @ 62.00 – TARGET @ 60.00
SELL AUD/USD @ 0.7870 OR BETTER – STOP @ 0.7900 – TARGET @ 0.7730
SELL XAU @ 1330 OR BETTER – STOP @ 1338 – TARGET @ 1302
SELL XAG @ 16.80 OR BETTER – STOP @ 17.20 – TARGET @ 16.00

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.

If You are New in Trading  --> Read Trading Education Center / Volume I.    

What You Know About --> Fibonacci Retracement in Trending Market !