Market Brief Series / EP. 455 / 29th Nov. 2018
Overall there is strength in the AUD and NZD, with minor strength in the EUR and GBP. Weakness in the USD, JPY, and CAD.
Oil prices rose on Thursday morning in Asia despite a leap in U.S. crude inventories and ahead of an OPEC meeting next week in Vienna.
Gold prices rose on Thursday morning in Asia as the U.S. dollar weakened on investors’ expectations of a slowdown in interest rate hikes.
GBP/USD is trading into yesterday's highs near 1.2850 in early Thursday action after a surprisingly dovish Federal Reserve chair Jerome Powell cast doubt on the Fed's current path of rate hikes.
EUR/USD accelerated to the upside after breaking the declining trend line drawn from November 26. The upward momentum is further reinforced by both 20- and 50-period moving averages, above 1.1350, look for an advance with target at 1.1390. Alternatively, crossing below 1.1350 would bring a pullback with 1.1300 as a target.
On the data slate there’s Switzerland GDP; German Unemployment Change; German Unemployment Claims Rate; UK Net Consumer Credit; UK Net Lending Sec. on Dwellings; UK Mortgage Approvals; German CPI; US Personal Income and Spending; US Initial Jobless Claims; US Continuing Claims; US Pending Home Sales and US FOMC Meeting Minutes.
Today Trading Plan
SELL EUR/USD @ 1.1375 OR BETTER – STOP @ 1.1430 – TARGET @ 1.1300
SELL GBP/USD @ 1.2840 OR BETTER – STOP @1.2910 - TARGET @ 1.2750
BUY USD/JPY @ 113.50 OR BETTER – STOP @ 112.90 – TARGET @ 114.20
SELL CL0119 @ 50.65 OR BETTER – STOP @ 51.30 – TARGET @ 49.10
SELL AUD/USD @ 0.7300 OR BETTER – STOP @ 0.7360 – TARGET @ 0.7250
SELL XAU @ 1225 OR BETTER – STOP @ 1232 – TARGET @ 1215
SELL XAG @ 14.40 OR BETTER – STOP @ 14.80 – TARGET @ 13.85
investing considerable time and effort up front in
hopes of substantial returns down the road.