Market Brief Series / EP. 380 / 13th Aug 2018
Asian stocks start lower as the fallout from Friday’s plunge in Turkish asset prices makes its way across the Pacific. European and US stocks fell to end the week as worries built that Turkey’s troubles could prove contagious.
US dollar is demonstrating it is worthy of further appreciation in its own right, given its strong economy, a fresh lift in the terms of trade, and prospect of further Fed interest rate increases.
The recent strength in the greenback appears set to gather some momentum as internal US economic factors leads to fresh buying.
USD/JPY fell below the key support of 50-day moving average on Friday and hit a low of 110.14 in the Asian session today.
Gold risk reversals have turned positive for the first time since July 10, signaling the demand for call options is outpacing the demand for puts.
AUD/USD has given an "ominous" signal after dropping below important trendline support below 0.7350.
EUR/USD continues to slide below the 1.1400 level to a day low so far at 1.1366. The descending 20-period moving average is capping any upside potential of the pair. RSI is yet to recover the neutrality level of 50, indicating a lack of upward momentum for the pair. Intraday bearishness persists, and a break below 1.1360 would trigger a further drop toward 1.1310 on the downside. Key resistance is at 1.1440.
On the data slate there’s only US 3- and 6-Month Bill Auctions.
SELL EUR/USD @ 1.1410 OR BETTER – STOP @ 1.1450 – TARGET @ 1.1310
SELL GBP/USD @ 1.2785 OR BETTER – STOP @ 1.2830 - TARGET @ 1.2690
BUY USD/JPY @ 110.00 OR BETTER – STOP @ 109.65 – TARGET @ 111.00
BUY CL0918 @ 67.50 OR BETTER – STOP @ 66.90 – TARGET @ 69.20
SELL AUD/USD @ 0.7295 OR BETTER – STOP @ 0.7340 – TARGET @ 0.7225
BUY XAU @ 1208 OR BETTER – STOP @ 1200 – TARGET @ 1225
BUY XAG @ 15.20 OR BETTER – STOP @ 14.80 – TARGET @ 16.05
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Recently market is cold... Well I do hope this week is the rise of the markets again.
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Recently market is cold... Well I do hope this week is the rise of the markets again.
Posted using Partiko Android