Market Brief Series / EP. 446 / 16th Nov. 2018

lordoftruth (71)in #forex • 5 years ago

Overall there is strength in the AUD, CAD, NZD and minor strength in the EUR. Weakness in the GBP, with minor weakness in the USD and CHF.
USD regained momentum on Thursday as retail sales data beat estimates. The ICE Dollar Index climbed 0.3% on day to 97.10.
Gold prices remained flat on Thursday. Brexit fears took centre stage after UK Brexit Minister Dominic Raab resigned, adding to uncertainty over whether Prime Minister Theresa May's proposed Brexit deal will win parliamentary approval.
Oil prices rose on Thursday as expectations that the Organization of the Petroleum Exporting Countries (OPEC) would start cutting supply overshadowed a big crude stock build last week.
GBP plunged 1.8% to $1.2766. In the latest blow to UK Prime Minister Theresa May, Dominic Raab, the UK Brexit secretary, resigned saying he could not support the Brexit plan. He was followed by several other ministers including Esther McVey, Suella Braverman and Shailesh Vara. Also, Jacob Rees-Mogg, a British member of parliament, has submitted his letter of no-confidence in Theresa May.
USD/JPY met with some fresh supply on Friday and has now moved back within striking distance of over one-week lows set in the previous session.
AUD is trading lower early Friday, but is still in a position to post a strong close for the week. The Forex pair picked up strength this week on the back of the announcement of a meeting between high-ranking officials of the U.S. and China over the lingering trade dispute.
EUR/USD posted a three-day winning streak despite strength in the US dollar, as long as 1.1300 is not broken, intraday bullish bias remains with up target at 1.1360. Alternatively, a break below 1.1300 would trigger a decline with 1.1200 as target.
On the data slate there’s German Wholesale Price Index; Euro-Zone ECB President Draghi Speaks in Frankfurt; Euro-Zone CPI; US Industrial Production; US Manufacturing Production and US Baker Hughes US Rig Count.

Today Trading Plan

SELL EUR/USD @ 1.1330 OR BETTER – STOP @ 1.1390 – TARGE T @ 1.1165
SELL GBP/USD @ 1.2810 OR BETTER – STOP @ 1.2870 - TARGET @ 1.2650
BUY USD/JPY @ 113.65 OR BETTER – STOP @ 113.00 – TARGET @ 114.35
SELL CL1218 @ 57.10 OR BETTER – STOP @ 58.00 – TARGET @ 55.80
SELL AUD/USD @ 0.7280 OR BETTER – STOP @ 0.7310 – TARGET @ 0.7210
SELL XAU @ 1218 OR BETTER – STOP @ 1225 – TARGET @ 1192
SELL XAG @ 14.40 OR BETTER – STOP @ 14.90 – 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.