Market Brief Series / EP. 348 / 19th June 2018 – Tues.
Overall there is strength in the EUR with minor strength in the CHF. Weakness in the AUD, CAD and GBP.
Oil prices dipped on Tuesday on expectations that producer cartel OPEC and key ally Russia will gradually increase output after withholding supplies since 2017.
USD/JPY fell to an eight-day low of 109.85 in Asia, possibly due to fast-moving US-China trade war and the signs of risk aversion in the financial markets.
AUD was relatively restrained when the RBA June meeting minutes crossed the wires. Before the document was released, AUD was battered as risk appetite soured on renewed threats of a trade war.
EUR/USD slight rebound to the 1.1630 levels this morning makes it a good opportunity to take short positions for intra-day trading with target at 1.1560. Alternatively, above 1.1650 expect further upside with 1.1710 as target.
On the data slate there’s Switzerland Economic Forecasts; Euro-Zone Current Account; Euro-Zone ECB President Draghi’s Speech; Euro-Zone ECB’s Praet Speech; Euro-Zone Construction Output; US Fed’s Bullard Speech; US Housing Starts; US Building Permits; US Redbook Index; US 4- and 52-Week Bill Auctions and US Weekly Crude Oil Stock.
SELL EUR/USD @ 1.1630 OR BETTER – STOP @ 1.1680 – TARGET @ 1.1560
SELL GBP/USD @ 1.3280 OR BETTER – STOP @ 1.3330 – TARGET @ 1.3185
BUY USD/JPY @ 109.70 OR BETTER – STOP @ 109.20 – TARGET @ 110.35
BUY CL0818 @ 65.25 OR BETTER – STOP @ 64.70 – TARGET @ 66.80
SELL AUD/USD @ 0.7410 OR BETTER – STOP @ 0.7470 – TARGET @ 0.7360
BUY XAU @ 1280 OR BETTER – STOP @ 1272 – TARGET @ 1295
BUY XAG @ 16.50 OR BETTER – STOP @ 16.00 – TARGET @ 17.65
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