Market Brief Series / EP. 444 / 13th Nov. 2018

lordoftruth (71)in #forex • 6 years ago

Overall there is strength in the USD and JPY with minor strength in the NZD and CAD. Weakness in the EUR and AUD with minor weakness in the CHF and GBP.
Oil prices were down 1% on Tuesday on reports that U.S. President Donald Trump asked the Organization of the Petroleum Exporting Countries (OPEC) not to cut supply to drive up crude oil prices.
GBP/USD is trading into 1.2875 after making a run at the 1.2900 handle in the early Tuesday window, but renewed Brexit concerns are seeing the Pound get hobbled in the broader marketscape, with previous hopes for a last-minute deal appearing this week once again getting dashed on the rocks.
USD/JPY is looking north, as the anti-risk Japanese yen is losing ground on renewed US-China trade optimism.
AUD/USD is currently chipping away at the trendline from Nov. 8 highs, as seen in the hourly chart.
EUR/USD capped by a negative trend line. RSI is also capped by a bearish trend line. To conclude, as long as 1.1270 holds on the upside, expect a decline with target at 1.1200. Alternatively, crossing above 1.1270 would bring a rebound with 1.1360 as target.
On the data slate there’s German CPI; Euro-Zone ECB’s Praet Speech; Switzerland Producer and Import Prices; UK Average Earnings; UK Unemployment Rate; UK Claimant Count Rate; German ZEW Survey; Euro-Zone ZEW Survey; US Business Optimism Index; US FOMC Member Brainard Speech; US 4-Week and 3- and 6-Month Bill Auctions; US Monthly Budget Statement and US FOMC Daly Speech.

Today Trading Plan

SELL EUR/USD @ 1.1330 OR BETTER – STOP @ 1.1390 – TARGE T @ 1.1165
SELL GBP/USD @ 1.2870 OR BETTER – STOP @ 1.2930 - TARGET @ 1.2690
BUY USD/JPY @ 113.65 OR BETTER – STOP @ 113.00 – TARGET @ 114.35
SELL CL1218 @ 59.45 OR BETTER – STOP @ 60.20 – TARGET @ 58.20
SELL AUD/USD @ 0.7190 OR BETTER – STOP @ 0.7250 – TARGET @ 0.7110
SELL XAU @ 1205 OR BETTER – STOP @ 1212 – TARGET @ 1192
SELL XAG @ 14.10 OR BETTER – STOP @ 14.60 – TARGET @ 13.50

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.