Market Brief Series / EP. 456 / 30th Nov. 2018
Overall there is strength in the EUR and AUD, with minor strength in JPY and USD. Weakness in the GBP and CHF, with minor weakness in NZD and CAD.
Oil prices inched up Friday morning in Asia as major producer Russia reportedly agreed on the need to slash output ahead of an OPEC meeting next week in Vienna.
Gold prices slipped on Friday morning in Asia as minutes from the U.S. Federal Reserve showed that another increase in interest rates is in the offing, lending support to the dollar.
USD was steady on Thursday, even though the latest Fed minutes signalled an interest rate increase “fairly soon” and pointed out “many participants” suggested taking a “flexible approach” in the future.
USD/JPY remains tight with 1113.40 through Friday's early session, stuck in a tight range within Thursday's high/low spread.
EUR/USD is holding on the upside. RSI is located at the buying zone between 50 and 70, confirming a positive outlook. As long as 1.1365 holds on the downside, a new challenge to 1.1415 seems more likely to occur. Alternatively, crossing below 1.1365 would bring a return with 1.1345 as target.
On the data slate there’s UK Consumer Confidence; Switzerland Leading Indicator; Euro-Zone Unemployment rate; Euro-Zone CPI; US Chicago Purchasing Manager and US Baker Hughes US Rig Count.
Today Trading Plan
SELL EUR/USD @ 1.1375 OR BETTER – STOP @ 1.1430 – TARGET @ 1.1300
SELL GBP/USD @ 1.2795 OR BETTER – STOP @ 1.2860 - TARGET @ 1.2710
BUY USD/JPY @ 113.20 OR BETTER – STOP @ 112.70 – TARGET @ 114.00
SELL CL0119 @ 51.65 OR BETTER – STOP @ 52.10 – TARGET @ 49.10
SELL AUD/USD @ 0.7340 OR BETTER – STOP @ 0.7390 – 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.