Market Brief Series / EP. 424 / 15th Oct. 2018
Overall there is minor strength in the USD, CAD and JPY. Weakness in the GBP, EUR, CHF and NZD.
USD stabilized on Friday following a three-day decline and firmed against the pound and euro on Monday as British efforts to secure a Brexit deal ahead of a key European Union summit kept global investors' preference to safe haven currencies.
USD/JPY is starting the week on the back foot in Tokyo and reestablishing its southerly trajectory after its worst week since February last week.
GBP/USD is slumping into a notably bearish stance heading into Monday's London market session, struggling near the 1.3100 handle after weekend Brexit headlines drove the Pound into a bearish gap to start the week's trading,
AUD/USD is continuing to cycle the 0.7100 handle as the new trading week gets underway with little bullish inspiration for Aussie traders to get the wheels turning.
EUR/USD is under pressure and keeps trading on the downside after breaking the lower boundary of a bearish channel last Friday. Key resistance is located at 1.1575. Below that level, intraday bearishness persists, and the pair should sink toward 1.1490. Alternatively, breaking above 1.1575 would call for a further advance toward 1.1610.
On the data slate there’s Switzerland Producer and Import Prices; US Ny Empire State manufacturing Index; US Retail sales; US Business Inventories; US 3- and 6-Month Bill Auction and US Monthly Budget Statement.
SELL EUR/USD @ 1.1575 OR BETTER – STOP @ 1.1625 – TARGET @ 1.1490
SELL GBP/USD @ 1.3120 OR BETTER – STOP @ 1.3180 - TARGET @ 1.3075
BUY USD/JPY @ 112.00 OR BETTER – STOP @ 111.70 – TARGET @ 112.60
BUY CL1218 @ 71.80 OR BETTER – STOP @ 71.30 – TARGET @ 73.00
SELL AUD/USD @ 0.7110 OR BETTER – STOP @ 0.7150 – TARGET @ 0.7050
BUY XAU @ 1218 OR BETTER – STOP @ 1209– TARGET @ 1245.00
BUY XAG @ 14.50 OR BETTER – STOP @ 14.00 – TARGET @ 15.10
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