Market Brief Series / EP. 436 / 31th Oct. 2018

lordoftruth (71)in #forex • 6 years ago

Overall there is strength in the AUD, NZD, CAD and USD. Weakness in the GBP, JPY, CHF and EUR.
Oil prices picked up on Wednesday morning in Asia, despite the U.S., Russia and Saudi Arabia’s vowing to raise crude output just days before sanctions against Iran take effect.
USD hovered near 16-month highs versus a basket of its major rivals after gaining overnight as traders bet on the relative outperformance of the U.S. economy and continued rate increases by the Federal Reserve.
GBP/USD is trading into the 1.2700 level as the British Pound continues to lose ground across the board, with disappointing economic data for the UK's domestic economy highlighting the rising potential for a no-deal Brexit, a proposition that sees Sterling traders heading for the hills as the GBP is down over 4% against the Greenback in three weeks of trading.
USD/JPY is seeing little action after the status quo BOJ decision.The Japanese central bank voted 8 to 1 to leave unchanged its pledge to increase the monetary base at an annualized pace of JPY 80 trillion.
AUD/USD pair printed an intraday low of 0.7073 a few minutes before press time and is currently trading just above the support of the trendline connecting the Oct. 26 low and Oct. 29 low.
EUR/USD is trading within the bearish channel, confirming a negative outlook. RSI showing the downside momentum for the pair. In this scenario, as long as 1.1365 is not surpassed, expect a return to 1.1335 before targeting 1.1300 in extension. Alternatively, crossing above 1.1365 would bring a technical rebound with 1.1415 as target.
On the data slate there’s UK Consumer Confidence; Switzerland SNB Releases 3Q Currency Allocation; German Retail sales; Euro-Zone Unemployment rate; Euro-Zone CPI; US Mortgage Applications; US ADP Employment Change; US Employment Cost Index; US Chicago Purchasing manager and US Crude Oil Inventories.

Today Trading Plan

SELL EUR/USD @ 1.1380 OR BETTER – STOP @ 1.1430 – TARGET @ 1.1265
SELL GBP/USD @ 1.2735 OR BETTER – STOP @ 1.2800 - TARGET @ 1.2620
BUY USD/JPY @ 113.00 OR BETTER – STOP @ 112.50 – TARGET @ 113.80
SELL CL1218 @ 66.80 OR BETTER – STOP @ 67.30 – TARGET @ 65.80
SELL AUD/USD @ 0.7080 OR BETTER – STOP @ 0.7120 – TARGET @ 0.6990
SELL XAU @ 1222 OR BETTER – STOP @ 1232 – TARGET @ 1195
SELL XAG @ 14.50 OR BETTER – STOP @ 15.10 – TARGET @ 14.00

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.