Market Brief Series / EP. 422 / 11th Oct. 2018
Overall there is strength in the JPY, GBP, with minor strength in EUR and CHF. Weakness in the AUD, CAD, and NZD.
Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected.
US stocks tumbled the most since February as Treasury yields kept their upward momentum, on Wednesday.
Dow Jones Industrial Average plunged 831 points (-3.2%) to 25598.
USD eased for the second day as sentiment was impacted by plunging stocks. The ICE Dollar Index slipped 0.3% on day to 95.41.
The sideways to choppy move higher in USDJPY over the past several months has been confusing to track in real time. That type of price action is typically indicative of a corrective wave.
AUD/USD is reporting moderate gains in Asia, despite the risk aversion in the stock markets.
EUR/USD pair is challenging previous highs at around 1.1545 while being supported by a rising trend line drawn from October 9. RSI stands firm above the neutrality level of 50. Intraday bullishness persists. Upon reaching 1.1545, the pair should proceed further to 1.1565 on the upside. Alternatively, a break below 1.1510 would trigger a pull-back to 1.1480.
On the data slate there’s UK BOE Credit Conditions Survey; UK BOE’s Governor Carney Speech; UK MPC Member Vlieghe Speech; Euro-Zone ECB Monetary Policy Meeting Accounts; US Continuing Claims; US CPI and US Crude Oil Stocks Change.
SELL EUR/USD @ 1.1560 OR BETTER – STOP @ 1.1595 – TARGET @ 1.1480
SELL GBP/USD @ 1.3220 OR BETTER – STOP @1.3280 - TARGET @ 1.3165
BUY USD/JPY @ 112.00 OR BETTER – STOP @ 111.30 – TARGET @ 113.50
BUY CL1118 @ 72.00 OR BETTER – STOP @ 71.30 – TARGET @ 73.90
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
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