Market Brief Series / EP. 382 / 15th Aug 2018

lordoftruth (71)in #forex • 6 years ago

Overall there is strength in the CAD and USD with minor strength in the NZD and CHF. Weakness in the EUR, GBP, AUD and JPY.
USD strengthened further on Tuesday, with ICE Dollar Index rising 0.3% on day to 96.67.
Oil prices fell on Wednesday, pulled down by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand.
USD/JPY is trading into 111.30 in early Wednesday action as the US Dollar pushes upwards against the safe-haven Yen as broader markets continue to let go of last week's risk-off plunge on Turkish contagion fears.
AUD/USD has finally broken out of consolidation, and it was to the downside. Since then, the pair has been making remarkable progress lower.
Turkish lira rebounded against the dollar after Turkey’s central bank and market regulators took measures to stabilize the market.
EUR/USD remains subdued on the downside while being capped by the descending 20-period moving average. RSI is still badly directed in the 30s, showing a lack of upward momentum needed for the pair’s rebound. Therefore, intraday bearishness persists, and a break below 1.1330 would trigger a further drop toward 1.1280 on the downside. Alternatively, a break above the key resistance at 1.1380 would open a path toward 1.1430 on the upside.
On the data slate there’s UL VPI; UK Retail Price Index; UK House Price Index; US Mortgage Applications; US Empire Manufacturing; US Retail Sales; US Industrial Production; US Manufacturing Production; US Business Inventories; US Housing Market Index; US Crude Oil Inventories and US Net Long-Term TIC Flows.

My Personal Trading Plan

SELL EUR/USD @ 1.1365 OR BETTER – STOP @ 1.1410 – TARGET @ 1.1280
SELL GBP/USD @ 1.2755 OR BETTER – STOP @ 1.2800 - TARGET @ 1.2660
BUY USD/JPY @ 110.90 OR BETTER – STOP @ 110.30 – TARGET @ 112.10
BUY CL0918 @ 66.50 OR BETTER – STOP @ 66.00 – TARGET @ 68.10
SELL AUD/USD @ 0.7245 OR BETTER – STOP @ 0.7290 – TARGET @ 0.7170
SELL XAU @ 1194 OR BETTER – STOP @ 1200 – TARGET @ 1188
SELL XAG @ 15.10 OR BETTER – STOP @ 15.70 – TARGET @ 14.30

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.

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