Market Brief Series / EP. 448 / 20th Nov. 2018
Overall there is strength in the USD, with minor strength in the AUD and CAD. Weakness in the USD, EUR, CHF, JPY, CAD and NZD.
Oil prices edged down on Tuesday morning in Asia as major oil producer Russia adopted a wait-and-see attitude towards OPEC’s potential decision to cut crude output.
AUD/USD is currently trading at the 100-hour moving average (MA) of 0.7273. The sharp losses in the Asian equities are likely weighing over the Aussie dollar.
GBP/USD is trading flatly near 1.2850, keeping tied to familiar levels for the week as Sterling traders enjoy a breather from a hectic circuit of buying on hopeful Brexit headlines, and then selling short on suddenly bearish Brexit headlines.
EUR/USD rose 0.4% to 1.1454. RSI showing the upward momentum for the pair. In this case, as long as 1.1420 holds on the downside, a further advance to 1.1475 seems more likely to occur. Alternatively, crossing below 1.1420 would bring a return with 1.1390 as target.
On the data slate there’s German PPI; UK BOE’s Carney, Haldane, Cunliffe and Saunders Testify; US Housing Starts and US Building Permits.
Today Trading Plan
SELL EUR/USD @ 1.1420 OR BETTER – STOP @ 1.1465 – TARGE T @ 1.1350
SELL GBP/USD @ 1.2840 OR BETTER – STOP @ 1.2890 - TARGET @ 1.2750
BUY USD/JPY @ 112.65 OR BETTER – STOP @ 112.00 – TARGET @ 113.25
SELL CL1218 @ 57.50 OR BETTER – STOP @ 58.00 – TARGET @ 55.80
SELL AUD/USD @ 0.7310 OR BETTER – STOP @ 0.7370 – TARGET @ 0.7260
SELL XAU @ 1224 OR BETTER – STOP @ 1229 – TARGET @ 1205
SELL XAG @ 14.40 OR BETTER – STOP @ 14.90 – TARGET @ 13.50
investing considerable time and effort up front in
hopes of substantial returns down the road.