Market Brief Series / EP. 342 / 11th June 2018 – Mon.
Overall there is strength in the JPY. Weakness in the EUR, CAD, AUD and CHF.
Oil prices were mixed on Monday, caught between the downward pull of rising Russian production and U.S. oil drilling activity at its highest since 2015, and upward pressure from strong demand, in Asia.
Gold prices continued to mark time Friday, torn between conflicting cues from rising Treasury bond yields and a retreating US Dollar.
AUD/USD is rebounding from recent bottom, but downside pressure could pile on this week after Aussie's Monday holiday.
USD/JPY is tracking a little higher against the US Dollar, but in reality USD/JPY remains stuck in the broad trading range which has just about contained all the action since April 23.
Markets can be volatile due the highly anticipated summit on Tuesday in Singapore between Donald Trump and Kim Jong Un. Special attention on the US Dollar.
EUR/USD has rebounded to levels above the 20-day moving average after locating a support at levels around 1.1500. RSI is yet to recover the neutrality level of 50, suggesting a lack of upward momentum for the moment. Preference to remain long on EUR/USD above 1.1760 with target at 1.1880. Alternatively, below 1.1760 look for a further downside with 1.1735 as target.
On the data slate there’s UK Industrial Production; UK Manufacturing Production; UK Trade Balance; UK Goods Trade Balance; UK GDP Estimate; US 3- and 6-Month Bill Auctions and US 3- and 10-Year Note Auctions.
BUY EUR/USD @ 1.1790 OR BETTER – STOP @ 1.1770 – TARGET @ 1.1880
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 @ 65.50 OR BETTER – STOP @ 65.00 – TARGET @ 66.90
BUY AUD/USD @ 0.7620 OR BETTER – STOP @ 0.7580 – TARGET @ 0.7700
BUY XAU @ 1295 OR BETTER – STOP @ 1282 – TARGET @ 1310
BUY XAG @ 16.50 OR BETTER – STOP @ 15.80 – TARGET @ 17.00
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
I gotta get back to the legacy markets. It's almost that time :P
Go here https://steemit.com/@a-a-a to get your post resteemed to over 72,000 followers.