Market Brief Series / EP. 364 / 11th July 2018 – Wed.

lordoftruth (71)in #forex • 6 years ago

Overall there is minor strength in the AUD, GBP, NZD. Weakness in the JPY, with minor weakness in CHF, CAD.
Oil prices fell on Wednesday, with Brent dropping by more than $1, after the United States said it would consider requests for waivers from sanctions due to snap back into place on Iranian crude exports.
USD/JPY pair is better bid above 111.00, having hit a low of 110.77 earlier today. The anti-risk JPY had picked up a bid in early Asia, possibly due to reports that Trump administration is planning to impose additional tariffs on Chinese imports.
AUD was unable to capitalize on improving local consumer sentiment data, weighed down by a resumption in trade war headlines.
EUR/USD is trading in a very tight range. As long as 1.1750 holds, short positions will be an advantage with targets at 1.1705 and 1.1660 in extension. Alternatively, above 1.1750 look for further upside with 1.1770 and 1.1790 as targets.
On Data slate there’s Euro-Zone ECB President Draghi’s Speech; Euro-Zone Non-Monetary Policy’s ECB Meeting; German 10-year Bond Auction; US Mortgage Applications; UK GDP Estimate; Euro-Zone ECB’s Mersch Speech; US PPI; US Wholesale Inventories; US Crude Oil Stocks Change; UK BOE’s Governor Carney Speech; US FOMC Member Bostic Speech; US 10-Year Note Auction; US FOMC Member Williams Speech and UK Housing Price Balance.

My Personal Trading Plan

SELL EUR/USD @ 1.1730 OR BETTER – STOP @ 1.1760 – TARGET @ 1.1660
SELL GBP/USD @ 1.3270 OR BETTER – STOP @ 1.3330 – TARGET @ 1.3150
BUY USD/JPY @ 110.80 OR BETTER – STOP @ 110.40 – TARGET @ 111.65
BUY CL0818 @ 73.30 OR BETTER – STOP @ 73.00 – TARGET @ 74.10
SELL AUD/USD @ 0.7430 OR BETTER – STOP @ 0.7480 – TARGET @ 0.7360
SELL XAU @ 1255 OR BETTER – STOP @ 1262 – TARGET @ 1245
SELL XAG @ 16.10 OR BETTER – STOP @ 16.40 – TARGET @ 15.20

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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