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