Market Brief Series / EP. 339 / 6th June 2018 – Wed.
Overall there is strength in the GBP, CHF and EUR. Weakness in the AUD and CAD.
US dollar remained under pressure, as the Euro charged higher to levels above 1.1700. The single currency was boosted by Italian Prime Minister Giuseppe Conte’s comments that his government did not consider leaving the Euro-Zone.
Gold prices rose Tuesday on a weaker dollar despite upbeat U.S. economic data suggesting inflationary pressures were building.
U.S. oil prices edged up in early Asian trade on Wednesday to move away from lows, buoyed after industry data showed a decline in U.S. crude inventories.
AUD/USD got a lift Wednesday from official growth data which managed to beat already elevated expectations.
USD/JPY has been picked up by the bulls in the Tokyo open,
targeting a break of the exporter level of 110.00.EUR/USD keeps trading on the upside while being supported by the ascending 20-period moving average. RSI is well directed in the 60’s, suggesting continued upward momentum. The pair should be on track to reach 1.1750 before advancing further to 1.1780. Key support is located at 1.1680.
On the data slate there’s Switzerland CPI; German Construction PMI; German Retail PMI; US Mortgage Applications; US Trade Balance and US Crude Oil Inventories.
BUY EUR/USD @ 1.1710 OR BETTER – STOP @ 1.1670 – TARGET @ 1.1780
BUY GBP/USD @ 1.3400 OR BETTER – STOP @ 1.3350 – TARGET @ 1.3510
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 @ 1292 OR BETTER – STOP @ 1282 – TARGET @ 1310
BUY XAG @ 16.20 OR BETTER – STOP @ 15.80 – TARGET @ 17.00
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