Market Brief Series / EP. 463 / 12th Dec. 2018

lordoftruth (71)in #forex • 6 years ago

Overall there is strength in the AUD, NZD, CAD, USD. Weakness in the GBP, CHF, EUR.
Gold is flat-lined around $1,245 at press time as Trump's comments on Huawei case and trade tensions with China seems to have boosted risk appetite.
Oil prices climbed by more than 1 percent on Wednesday, lifted by expectations that an OPEC-led supply cut announced last week for 2019 would stabilize markets as well as hopes that long-running Sino-American trade tensions could ease.
USD was buoyed by progress in trade talks between the US and China. The ICE Dollar Index then rebounded 0.5% to 97.19.
GBP eventually lost the US$1.2500 level as Brexit political uncertainties lingered. UK Prime Minister Theresa May delayed the crucial Parliamentary vote on her Brexit plan, while starting a series of meetings with EU leaders aiming to salvage the plan. At the same time, UK Conservative Party lawmakers are reported to vote on a no confidence motion in May’s leadership soon. The GBP/USD slid a further 0.6% to 1.2486.
EUR/USD was showing a lack of upward momentum for the pair. Unless the key resistance at 1.1350 is surpassed, intraday bearishness persists, and the pair should pull back to 1.1305 and 1.1280 on the downside. Alternatively, above 1.1350, expect a further advance towards 1,375 on the upside.
On the data slate there’s Euro-Zone Industrial Production; US Mortgage Applications; US CPI; US Real Average Weekly & Hourly Earnings; US Crude Oil Inventories and US Monthly Budget Statement.

Today Trading Plan

SELL EUR/USD @ 1.1350 OR BETTER – STOP @ 1.1410 – TARGET @ 1.1265
SELL GBP/USD @ 1.2525 OR BETTER – STOP @ 1.2580 - TARGET @ 1.2425
BUY USD/JPY @ 113.20 OR BETTER – STOP @ 112.80 – TARGET @ 113.90
SELL CL0119 @ 52.30 OR BETTER – STOP @ 52.00 – TARGET @ 50.20
SELL AUD/USD @ 0.7230 OR BETTER – STOP @ 0.7280 – TARGET @ 0.7180
SELL XAU @ 1250 OR BETTER – STOP @ 1255 – TARGET @ 1238
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.