Market Brief Series / EP. 426 / 17th Oct. 2018
Overall there is strength in the CAD, with minor strength in the GBP and NZD. Weakness in the JPY and CHF, with minor weakness in the EUR.
Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries.
US stocks soared on strong corporate earnings reports and upbeat economic data, clawing back about half of their losses made last week.
USD managed to close flat on day at 95.08, though US President Donald Trump again criticized the Federal Reserve for rising rates too quickly.
AUD has been beaten down for some time, but it looks as if people are starting to step away from the fears of the Chinese/American trade situation.
USD/JPY is inching higher early Wednesday as renewed demand for risky assets weighs on the safe-haven Japanese Yen.
EUR/USD remains under pressure. Unless the key resistance at 1.1595 is surpassed, the intraday outlook is still bearish, and the pair should pull back further to 1.1510. Alternatively, above 1.1595, a bounce toward 1.1610 is likely.
On the data slate there’s UK CPI; UK Retail Price Index; UK House Price Index; UK BOE’s FPC Minutes; Euro-Zone CPI; US Housing Starts; US Building Permits; US Crude Oil Inventories and US FOMC Meeting Minutes.
Today Trading Plan
SELL GBP/USD @ 1.3180 OR BETTER – STOP @ 1.3230 - 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 @ 0.7140 OR BETTER – STOP @ 0.7180 – TARGET @ 0.7050
SELL XAU @ 1225 OR BETTER – STOP @ 1228– TARGET @ 1215
SELL XAG @ 14.50 OR BETTER – STOP @ 15.00 – TARGET @ 14.00
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