Market Brief Series / EP. 341 / 8th June 2018 – Fri.

lordoftruth (71)in #forex • 6 years ago

Overall there is strength in the CHF, JPY, with minor strength in EUR, GBP and USD. Weakness in the AUD, CAD, and NZD.
USD near a three-week low against peers on Friday as U.S. Treasury yields fell sharply, while the euro's recovery remained intact amid expectations that the European Central Bank would begin unwinding it stimulus program.
Oil prices rose on Friday, driven up as Venezuela struggles to meet its supply obligations and by ongoing voluntary output cuts led by producer cartel OPEC.
USD/JPY dropped back from the recent highs through the 200-D SMA as risk sentiment rolled over. USD/JPY was taken down to as low as 109.48 before it stabilised around the aforementioned kijun level on news that Abe's and Trump's meeting ended well.
AUD has just endured something of a volatile week. The good news, is that it may not be set for a repeat in the next seven days.
EUR/USD lifted above 1.1800 supported by more favourable, albeit mixed, economic data and a slight lift in benchmark Euro-Zone 10-Year bond yields, to 0.47%, as participants readied themselves for next week’s ECB meeting, where ECB’s forward guidance on an end to quantitative easing will be delivered. Therefore, preference to remain long positions above 1.1815 with target at 1.1880. Alternatively, below 1.1815 look for the downside with 1.1750 as target.
On the data slate there’s German Trade Balance; German Industrial Production; US Wholesale Trade Sales; US Wholesale Inventories and US Baker Hughes US Rig Count.

My Personal Trading Plan

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 @ 1292 OR BETTER – STOP @ 1282 – TARGET @ 1310
BUY XAG @ 16.20 OR BETTER – STOP @ 15.80 – TARGET @ 17.00

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