Market Brief Series / EP. 338 / 5th June 2018 – Tues.
Overall there is strength in the AUD and NZD, with minor strength in the EUR. Weakness in the GBP and JPY, with minor weakness in the USD, CHF and CAD.
Oil prices edged higher on Tuesday after falling nearly 2 percent in the previous session, but growing U.S. production and expectations of higher OPEC supplies continue to weigh on sentiment.
AUD/USD is flattening out in the Asia session, trading steadily near 0.7650 after a slew of data has left the Aussie on mixed footing ahead of the Reserve Bank of Australia's (RBA) interest rate decision
USD/JPY trading higher as market risk appetite remains bid. MACD, Slow Stochastics both beginning to rollover in overbought territory.
EUR/USD preference to hold long positions above 1.1670 with target at 1.1770. Alternatively, below 1.1670 look for further downside with 1.1610 as target.
On the data slate there’s German Services and Composite PMI; Euro-Zone Services and Composite PMI; UK Services PMI; Euro-Zone Retail Sales; UK 10-Year Bond Auction; UK MPC Member Cunliffe Speech; US Redbook Index; US Services and Composite PMI; US Job Openings; US ISM Non-Manufacturing PMI; US Economic Optimism; German Buba President Weidmann Speech and US Weekly Crude Oil Stock.
BUY EUR/USD @ 1.1680 OR BETTER – STOP @ 1.1630 – TARGET @ 1.1770
BUY GBP/USD @ 1.3300 OR BETTER – STOP @ 1.3270 – TARGET @ 1.3400
SELL USD/JPY @ 109.90 OR BETTER – STOP @ 110.40 – TARGET @ 109.00
BUY CL0718 @ 65.00 OR BETTER – STOP @ 64.50 – TARGET @ 66.90
BUY AUD/USD @ 0.7620 OR BETTER – STOP @ 0.7580 – TARGET @ 0.7700
BUY XAU @ 1290 OR BETTER – STOP @ 1282 – TARGET @ 1310
BUY XAG @ 16.20 OR BETTER – STOP @ 15.80 – TARGET @ 17.00
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