Market Brief Series / EP. 475 / 17th Jan. 2019
Overall there is strength in the GBP and CAD, with minor strength in USD. Weakness in the NZD, AUD, JPY, with minor weakness in CHF and EUR.
Oil prices dipped on Thursday as U.S. crude production quickly approached an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge.
USD held gains on Wednesday as the Fed’s Beige Book signalled continued growth in US economic activity.
GBP gained 0.2% to $1.2887. UK Prime Minister Theresa May survived a no-confidence vote following Parliament’s rejection of her Brexit plan.
EUR/USD is capped by a declining trend line drawn from January 15. Currently, the prices are trading below both 20- and 50-period moving averages. RSI is around its neutrality level at 50, showing the lack of upward momentum for the prices. In this case, as long as 1.1420 is not surpassed, intraday bearish boas remain with down targets at 1.1375 and 1.1345 in extension. Alternatively, only a break above 1.1420 would turn the outlook to positive and bring a rebound with 1.1455 and 1.1500 as targets.
On the data slate there’s UK House Price Index; UK BOE Credit Conditions & Bank Liabilities Survey; Euro-Zone CPI; US Housing Starts; US Building Permits; US Philadelphia Fed Business Outlook; US Initial Jobless Claims; and US Continuing Claims.
Today Trading Plan
BUY EUR/USD @ 1.1390 OR BETTER – STOP @ 1.1350 – TARGET @ 1.1610
BUY GBP/USD @ 1.2850 OR BETTER – STOP @1.2760 - TARGET @ 1.2965
SELL USD/JPY @ 108.50 OR BETTER – STOP @ 109.30 – TARGET @ 107.85
BUY CL0319 @ 52.10 OR BETTER – STOP @ 51.70 – TARGET @ 53.10
BUY AUD/USD @ 0.7160 OR BETTER – STOP @ 0.7130 – TARGET @ 0.7265
BUY XAU @ 1290 OR BETTER – STOP @ 1285 – TARGET @ 1305
BUY XAG @ 15.60 OR BETTER – STOP @ 15.10 – TARGET @ 16.00
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