Market Brief Series / EP. 407 / 19 th Sep. 2018
Overall there is strength in the CAD and AUD. Weakness in the JPY, EUR, CHF and GBP.
USD extended its decline on Tuesday, with the ICE Dollar Index slipping 0.1% on day to 94.54. Trump Administration on Tuesday rolled back an Obama-era rule on emissions of the greenhouse gas methane from oil and gas operations on public lands in its latest step to ease regulations on the industry.
Oil prices rose after Saudi Arabia was reported as saying it feels comfortable with global benchmark Brent crude prices rising above $80 a barrel.
JPY weakened to near-two-month lows against the dollar as financial markets took fresh U.S. tariffs on Chinese goods in their stride and as U.S. bond yields shot up to four-month highs on fears of rising inflation.
- AUD/USD posted solid gains on Tuesday, despite escalating US-China trade tensions and rising treasury yields, likely due to a 3 percent rise in NY copper and recovery in Chinese yuan.
EUR/USD marked a day-low of 1.1617 before bouncing back to close flat at 1.1678. Downward momentum is evidenced by RSI. As long as the level at 1.1685 holds as key resistance, the pair should return to 1.1620. Alternatively, a break above 1.1685 would open a path toward 1.1700.
On the data slate there’s, UK CPI; UK Retail Sales; UK House Price Index; US Housing Starts; US Building Permits; Euro-Zone ECB’s Draghi Speak in Berlin and US Crude Oil Inventories.
SELL EUR/USD @ 1.1670 OR BETTER – STOP @ 1.1720 – TARGET @ 1.1580
BUY GBP/USD @ 1.3145 OR BETTER – STOP @ 1.3095 - TARGET @ 1.3250
BUY USD/JPY @ 112.05 OR BETTER – STOP @ 111.70 – TARGET @ 112.80
BUY CL1118 @ 69.20 OR BETTER – STOP @ 68.80 – TARGET @ 70.30
SELL AUD/USD @ 0.7225 OR BETTER – STOP @ 0.7280 – TARGET @ 0.7150
SELL XAU @ 1198 OR BETTER – STOP @ 1205 – TARGET @ 1190
SELL XAG @ 14.10 OR BETTER – STOP @ 14.60 – TARGET @ 13.65
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Oil is really starting to gain momentum, I think we will see $100 early next year.