Market Brief Series / EP. 460 / 6th Dec. 2018

lordoftruth (71)in #forex • 6 years ago

Overall there is minor strength in the EUR, GBP, USD, and CHF. Weakness in the AUD, CAD, NZD, and JPY.
Oil prices slipped on Thursday morning in Asia, ahead of a meeting of oil producers in Austria later today. The producers are widely expected to agree on an output slash to avoid oversupply, but the decision will likely face headwinds from U.S. President Donald Trump.
USD was steady on Wednesday, as US markets closed for a day of mourning for former President George H.W. Bush. Later today, investors will focus on the release of the November ADP private jobs report.
USD/JPY is trading lower early Thursday in reaction to a steep drop in U.S. equity prices. With risk off, the Japanese Yen has become an attractive safe-haven asset.
GBP/USD continues to trade sideways, reaching daily peaks in the 1.2800 neighborhood before sinking back down into the 1.2700 region, though swing lows continue to plumb further into the downside.
EUR/USD remains capped by the key resistance at 1.1360. Unless this key resistance is surpassed, the pair should sink back to 1.1330 and 1.1300. Alternatively, above 1.1360, an advance toward 1.1380 on the upside is expected.
On the data slate there’s German Factory Orders; UK 30-Year Bond Auction; US Challenger Job Cuts; US ADP Employment Change; US Trade Balance; US Continuing Claims; US Initial Jobless Claims; US Non-Farm Productivity; US Unit labour Costs; US Composite, Services and Non-Manufacturing PMIs; US Factory Orders; US Crude Oil Stocks Change; US 4-Week Bill Auction; US FOMC Member Williams Speech and US Fed’s Powell Speech.

Today Trading Plan

SELL EUR/USD @ 1.1350 OR BETTER – STOP @ 1.1410 – TARGET @ 1.1280
SELL GBP/USD @ 1.2740 OR BETTER – STOP @ 1.2820 - TARGET @ 1.2665
BUY USD/JPY @ 112.80 OR BETTER – STOP @ 112.50 – TARGET @ 113.50
SELL CL0119 @ 52.80 OR BETTER – STOP @ 53.40 – TARGET @ 51.60
SELL AUD/USD @ 0.7230 OR BETTER – STOP 0.7280 – TARGET @ 0.7180
SELL XAU @ 1237 OR BETTER – STOP @ 1245 – TARGET @ 1220
SELL XAG @ 14.40 OR BETTER – STOP @ 14.80 – TARGET @ 13.85

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.