Market Brief / 23-10-2017

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EUR/USD recorded lower tops and lower bottoms since October 19, which confirmed a negative outlook. The downward momentum is further reinforced by both declining 20- and 50-period moving averages.

RSI lacks upward momentum. Therefore, below 1.1800, expect a new test with targets at 1.1740 and 1.1700 in extension. Alternative scenario, above 1.1800, look for a technical rebound with 1.1820 and 1.1850 as targets.

On the data slate there’s German Buba Monthly Report; UK Industrial Trends Survey; US Chicago Fed National Activity Index; US 3- and 6-Month Bill Auctions.

SELL EUR/USD @ 1.1795 OR BETTER – STOP @ 1.1850 – TARGET @ 1.1700
SELL GBP/USD @ 1.3195 OR BETTER – STOP @ 1.3220 – TARGET @ 1.3080
BUY USD/JPY @ 113.70 OR BETTER – STOP @ 111.15 – TARGET @ 114.35
SELL CL1217 @ 52.30 OR BETTER – STOP @ 52.80 – TARGET @ 51.50
SELL AUD/USD @ 0.7820 OR BETTER – STOP @ 0.7870 – TARGET @ 0.7750
SELL XAU @ 1278 OR BETTER – STOP @ 1285 – TARGET @ 1268
SELL XAG @ 17.00 OR BETTER – STOP @ 17.50 – TARGET @ 16.10

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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