Market Brief Series / EP. 454 / 28th Nov. 2018

lordoftruth (71)in #forex • 5 years ago

Overall there is strength in the NZD, with minor strength in the AUD, USD and CHF. Weakness in the GBP, EUR and CAD, with minor weakness in the JPY.
Gold prices were virtually flat on Wednesday morning trade in Asia, with little investor activity and not clear catalysts to drive prices in either direction.
Oil prices rose on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut.
USD held near two-week highs on Wednesday after a senior Federal Reserve official reaffirmed the need for further rate increases and as investors sought shelter in the currency thanks to simmering Sino-U.S. trade tensions.
USD/JPY looks set to test 114.00 and could move past that hurdle if Fed's Q3 GDP indicates the economy is showing resilience in the face of rising overseas risks and Fed's Powell boosts bets of an extended tightening cycle.
AUD/USD pairing remains trapped near 0.7200, finding little reason to move in early Tuesday action as the pair sticks to the early week's close cycles around familiar levels.
EUR/USD is trading within the bearish channel. RSI is below its neutrality level at 50, showing the lack of upward momentum for the pair. Hence, below 1.1315, look for a new down leg with target at 1.1265. Alternatively, crossing above 1.1315 would indicate a bullish reversal signal and call for a bounce with 1.1380 as target.
On the data slate there’s UK Nationwide House Prices; UK BOE Financial Stability Report and Stress test Results; US Mortgage Applications; German Consumer Confidence; US Advance Goods Trade balance; US Wholesale Inventories; US GDP; US Personal Consumption; US Core PCE; US New Home Sales; US Richmond Fed Manufacturing Index; US Crude Oil Inventories and US Fed’s Powell Speaks to Economic Club of New York.

Today Trading Plan

SELL EUR/USD @ 1.1295 OR BETTER – STOP @ 1.1350 – TARGE T @ 1.1230
SELL GBP/USD @ 1.2750 OR BETTER – STOP @ 1.2800 - TARGET @ 1.2665
BUY USD/JPY @ 113.50 OR BETTER – STOP @ 112.90 – TARGET @ 114.20
SELL CL0119 @ 52.20 OR BETTER – STOP @ 52.60 – TARGET @ 49.10
SELL AUD/USD @ 0.7240 OR BETTER – STOP @ 0.7310 – TARGET @ 0.7170
SELL XAU @ 1218 OR BETTER – STOP @ 1225 – TARGET @ 1205
SELL XAG @ 14.20 OR BETTER – STOP @ 14.60 – TARGET @ 13.35

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.