Market Brief Series / EP. 400 / 10th Sep. 2018

in forex •  2 months ago

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  • Overall there is strength in the GBP, USD, CAD and JPY. Weakness in the AUD, NZD and EUR.

  • Oil prices rose on Monday as U.S. drilling for new production stalled and as the market eyed tighter conditions once Washington's sanctions against Iran's crude exports kick in from November.

  • Gold prices were flat on Monday morning trade in Asia after a week of gains.

  • US indices, last Friday ended lower after President Trump said he may intensify his trade battle with China.

  • USD was lifted by strong US jobs report, with the ICE Dollar Index rising 0.4% on day to 95.36. Meanwhile president Trump threatened to impose tariffs on another $267 billion in Chinese imports.

  • USD/JPY rallied on sharply higher US rates after the US jobs data came in better than expected and wages at the best levels in nine years.

  • AUD put value hit the highest level since April 7, 2017, signaling investors are expecting a deeper drop in the Aussie dollar.

  • EUR/USD remains subdues with technical indicators continuing to show a bearish bias. RSI remains in the 30s showing continued downward momentum. If the key resistance at 1.1595 holds, the pair should target 1.1480 on the downside. Alternatively, a break above 1.1595 would trigger a further rebound toward 1.1630 on the upside.

  • On the data slate there’s UK Industrial Production; UK Manufacturing Production; UK Index of Services; UK Trade balance; UK GDP; Euro-Zone Sentix Investor Confidence; US FOMC Member Bostic Speech; US 3- and 6-Month Bill Auctions and US Consumer Credit Change.

Today Trading Plan


SELL EUR/USD @ 1.1565 OR BETTER – STOP @ 1.1625 – TARGET @ 1.1480
SELL GBP/USD @ 1.2930 OR BETTER – STOP @ 1.2970 - TARGET @ 1.2780
BUY USD/JPY @ 110.80 OR BETTER – STOP @ 110.20 – TARGET @ 111.55
BUY CL1018 @ 67.80 OR BETTER – STOP @ 67.00 – TARGET @ 69.50
SELL AUD/USD @ 0.7140 OR BETTER – STOP @ 0.7200 – TARGET @ 0.7065
SELL XAU @ 1196 OR BETTER – STOP @ 1205 – TARGET @ 1187
SELL XAG @ 14.20 OR BETTER – STOP @ 14.60 – TARGET @ 13.65

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