Market Brief / 08 - 02 - 2018

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US dollar rose after Senate leaders announced a two-year budget agreement that pushed back concerns that a partisan stalemate could lead to a government shutdown or a debt default. In addition the US dollar strengthened further taking advantage of the euro’s weakness.

EUR/USD was impacted by political changes in Germany. Chancellor Angela Merkel announced a coalition deal with the Social Democrats, which will take the finance ministry, a post held by conservative Wolfgang Schaeuble for a long time. Preference is still short positions below 1.2315 with target at 1.2175. Alternatively above 1.2315 look for further upside with 1.2405 as target.

On the data slate there’s German Trade Balance; Euro-Zone ECB Published Economic Bulletin; UK BOE Inflation Report; US Initial Jobless Claims and US Continuing Claims.

My Personal Trading Plan
SELL EUR/USD @ 1.2275 OR BETTER – STOP @ 1.2325 – TARGET @ 1.2175
SELL GBP/USD @ 1.3905 OR BETTER – STOP @ 1.3970 – TARGET @ 1.3810
BUY USD/JPY @ 109.20 OR BETTER – STOP @ 108.80 – TARGET @ 110.20
SELL CL0318 @ 61.80 OR BETTER – STOP @ 62.50 – TARGET @ 59.80
SELL AUD/USD @ 0.7845 OR BETTER – STOP @ 0.7890 – TARGET @ 0.7780
SELL XAU @ 1320 OR BETTER – STOP @ 1328 – TARGET @ 1295
SELL XAG @ 16.40 OR BETTER – STOP @ 16.90 – TARGET @ 15.60

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.

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