Market Brief Series / EP. 419 / 8th Oct. 2018
Overall there is strength in the GBP and JPY. Weakness in NZD, AUD and CAD.
Oil prices fell slightly on Monday morning in Asia on reports that Washington is considering granting waivers to sanctions against Iran’s oil exports that take effect in November.
USD edged higher on Monday as China followed an easing in domestic policy by allowing its yuan to fall, though the drop was not as sharp as some had feared.
Moves were limited by a lack of liquidity with Japan on holiday and the U.S. bond market on a break. A sudden and steep rise in Treasury yields had underpinned the dollar for much of last week.
Market could be a little sluggish today due to holiday in US Columbus Day.
EUR/USD pair holds relatively steady after swinging between a low of 1.1483 and a high of 1.1549 last Friday. It is currently trading around the 20-period moving average, which stands above the 50-period one. And the level of 1.1500 is holding as the key support. Above this key support, return to 1.1540 is likely. However, breaking below 1.1500 would open a path toward 1.1480.
On the data slate there’s Switzerland Unemployment Rate; German Industrial Production; Euro-Zone Investor Confidence and UK Retail sales.
SELL EUR/USD @ 1.1510 OR BETTER – STOP @ 1.1560 – TARGET @ 1.1410
SELL GBP/USD @ 1.3125 OR BETTER – STOP @ 1.3180 - TARGET @ 1.3030
BUY USD/JPY @ 113.80 OR BETTER – STOP @ 113.30 – TARGET @ 114.80
BUY CL1118 @ 74.00 OR BETTER – STOP @ 73.50 – TARGET @ 75.90
SELL AUD/USD @ 0.7090 OR BETTER – STOP @ 0.7150 – TARGET @ 0.7000
SELL XAU @ 1198 OR BETTER – STOP @ 1206 – TARGET @ 1185
SELL XAG @ 14.80 OR BETTER – STOP @ 15.20 – TARGET @ 14.00
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