Market Brief Series / EP. 461 / 7th Dec. 2018

lordoftruth (71)in #forex • 6 years ago

Overall there is strength in the CHF and JPY, with minor strength in the EUR and GBP. Weakness in the AUD, CAD, NZD and USD.
Oil prices slipped on Friday morning in Asia, after the meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna failed to reach a final decision on cutting output.
USD weakened on Thursday as jobs gains were lower than expected, hobbled by fresh speculation that a widely expected rate hike later this month could be the last before Federal Reserve hits the pause button on its tightening cycle.
GBP/USD continues to trade with softer tones in the Asian market window as investor sentiment remains apprehensive leading into Friday's London opening bell.
USD/JPY is currently trading at 112.75 - up 0.10 percent on the day - having bounced off from the 100-day moving average (MA) support yesterday.
EUR/USD pair has retreated from the high at around 1.1415 seen yesterday, a revisit to 1.1395 and 1.1415 on the upside is expected. Alternatively, breaking below 1.1355 would open a path toward 1.1335 on the downside.
On the data slate there’s German Industrial Production; Switzerland Foreign Exchange Reserves; UK House Prices; UK Consumer Inflation Expectations; Euro-Zone GDP; Euro-Zone Employment Change; US Non-Farm Payrolls; US Average Weekly Hours Earnings; US Unemployment Rate; US Average Hourly Earnings; US Michigan Consumer Sentiment Index; US FOMC Member Brainard Speech; US Baker Hughes US Rig Count and US Consumer Credit Change.

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 @ 51.50 OR BETTER – STOP @ 52.10 – TARGET @ 50.65
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.