Market Brief Series / EP. 379 / 10th Aug 2018
Metal prices traded mixed Thursday as dollar strength and lingering trade-war concerns kept a lid on gains.
Oil markets on Friday were torn between concerns that U.S.-China trade dispute would stall economic growth, while Washington's sanctions against Iran were expected to tighten supplies.
USD/JPY was attempting a bullish correction overnight but the yen is being bought back as the long EM and commodity-FX trade that is funded by the yen are covered.
AUD/USD pair is trading at a five-day low of 0.7366, having created a bearish outside-day candle yesterday and risks falling further, courtesy of Reserve Bank of Australia’s (RBA) downward revision of the inflation forecasts.
EUR/USD looks terribly bearish. Preference to remain short positions below 1.1580 with target at 1.1480. Alternatively, above 1.1580 look for further upside with 1.1610 as target. RSI is bearish and calls for further decline.
On the data slate there’s UK Visible Trade Balance; UK Trade Balance; UK Industrial Production; UK Manufacturing Production; UK GDP; US CPI; US Real Average Weekly and Hourly Earnings; US Baker Hughes US Rig Count and US Monthly Budget Statement.
SELL EUR/USD @ 1.1550 OR BETTER – STOP @ 1.1580 – TARGET @ 1.1480
SELL GBP/USD @ 1.2850 OR BETTER – STOP @ 1.2900 - TARGET @ 1.2770
BUY USD/JPY @ 110.90 OR BETTER – STOP @ 110.30 – TARGET @ 111.50
BUY CL0918 @ 66.80 OR BETTER – STOP @ 66.10 – TARGET @ 67.85
SELL AUD/USD @ 0.7390 OR BETTER – STOP @ 0.7440 – TARGET @ 0.7300
SELL XAU @ 1215 OR BETTER – STOP @ 1222 – TARGET @ 1195
SELL XAG @ 15.50 OR BETTER – STOP @ 16.00 – TARGET @ 14.75
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