Market Brief Series / EP. 405 / 17 th Sep. 2018
Overall there is strength in the USD, with minor strength in the CHF and JPY. Weakness in the EUR, AUD and NZD.
US dollar rebounded on Friday, as the benchmark US 10-year Treasury yield broke above the psychological level of 3.00% again. ICE Dollar Index rose 0.4% on day to 94.93. Dollar traders looking for a bullish push to kick off Monday with thin markets and Japan on holidays.
Oil traders are holding steady with hands hanging over the sell buttons as global markets begin to buckle down ahead of impending further tariffs in the US-China trade war, which threatens to hamper energy markets.
AUD/USD heads into the new trading week near the 0.7150 level after the AUD/USD pair stalled out on a bullish correction last week, backsliding from a peak of 0.7230 as the Greenback continues to lift its head back up in the broader markets.
GBP/USD is drifting upwards in early Monday action, lifting towards 1.3100 ahead of London's week opener with Brexit continuing to hang heavy over Sterling traders.
EUR/USD broke below the lower support line of rising channel, confirming the bearish reversal signal. The death cross between 20- and 50-period moving average has been identified. RSI stays below its oversold level of 30. As long as 1.1660 holds on the upside, look for a drop with target at 1.1565. Alternatively, crossing above 1.1665 would call for a technical rebound with 1.1720 as target.
On the data slate there’s Euro-Zone CPI; German Buba Monthly Report; US New York Empire State Manufacturing Index and US 3- and 6- Month Bill Auctions.
SELL EUR/USD @ 1.1635 OR BETTER – STOP @ 1.1690 – TARGET @ 1.1565
BUY GBP/USD @ 1.3065 OR BETTER – STOP @ 1.3010 - TARGET @ 1.3220
BUY USD/JPY @ 111.80 OR BETTER – STOP @ 111.30 – TARGET @ 112.50
SELL CL1018 @ 69.10 OR BETTER – STOP @ 69.80 – TARGET @ 68.30
SELL AUD/USD @ 0.7160 OR BETTER – STOP @ 0.7210 – TARGET @ 0.7090
SELL XAU @ 1195 OR BETTER – STOP @ 1202 – TARGET @ 1182
SELL XAG @ 14.10 OR BETTER – STOP @ 14.60 – TARGET @ 13.65
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