Market Brief Series / EP. 421 / 10th Oct. 2018
Overall there is strength in the JPY, with minor strength in the CAD, AUD and USD. Weakness in the NZD, EUR, CHF and GBP.
Oil prices were boosted by Iranian supply concerns and worries of a hurricane impacting production in the Gulf of Mexico. Nymex crude oil futures settled 0.9% higher to $74.96 a barrel.
USD retreated after US President Trump again criticized the Federal Reserve for raising interest rates too fast. The ICE Dollar Index eased 0.1% on day to 95.61.
USD/JPY continues to trade sideways for a third session on Wednesday as U.S. Treasury yields dipped from yesterday’s multi-year highs, and on dampened appetite for risk. Domestic data is influencing the price action.
AUD has been a bit of a proxy for the Sino-American trade war, and the Chinese economy in and of itself
EUR/USD marked a day-low of 1.1429 before posting a strong rebound to close at 1.1505, up 0.1% on day. In fact, it has broken above the upper boundary of a bearish channel drawn from October 5 and is approaching the overhead resistance at 1.1510. The ascending 20-period moving average, which has crossed above the 50-period one, is providing extra support to the pair. Over 1.1510 the pair should aim at 1.1530.
On the data slate there’s UK Trade Balance; UK Industrial Production; UK Manufacturing Production; UK Construction Output; UK GDP; UK BOE’s Haldane Speaks in London; US Mortgage Applications; US PPI; US Wholesale Inventories and US Fed’s Evans Speaks on Economy and Monetary Policy.
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 @ 113.00 OR BETTER – STOP @ 112.30 – TARGET @ 114.00
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 @ 1191 OR BETTER – STOP @ 1199– TARGET @ 1180
SELL XAG @ 14.50 OR BETTER – STOP @ 15.00 – TARGET @ 13.80
investing considerable time and effort up front in
hopes of considerable returns down the road.
consider purchasing us a box of beer to BTC Address:
3AmNtmR5F9RkACUyec9wTy2a1EP6B54t66
