Market Brief Series / EP. 299 / 10 - 04 - 2018

Overall there is minor strength in the CAD, NZD, EUR and GBP. Weakness in the USD with minor weakness in the JPY and CHF.

US dollar weakened further against other major currencies, received very little support from Monday’s rebound in U.S. equities.

EUR/USD advanced 0.3% to 1.2319. Weaker than expected German trade data did not stop EUR/USD from trading higher Monday as European Central Bank President Draghi said he sees a strong expansion in the euro area even as uncertainties such as trade wars endure. Lifted by ECB’s President Mario Draghi’s upbeat comments that sliding stock markets have not materially impacted Euro-Zone financial conditions. EUR/USD is consolidating above the key support at 1.2285 after yesterday’s upward acceleration.

Rising 50-period moving average suggests that the prices have potential for a further advance. Therefore, above 1.2285, look for another rise with target at 1.2335. Alternatively, below 1.2285, expect a return with 1.2265 as target.

On the data slate there’s US FOMC Member Kaplan Speech; UK MPC Member Haldane Speech; US PPI; US Redbook Index; US Wholesale Inventories; US 4-Week Bill Auction; US 3-Year Note Auction and Weekly Crude Oil Stock.

My Personal Trading Plan

BUY EUR/USD @ 1.2305 OR BETTER – STOP @ 1.2280 – TARGET @ 1.2365
BUY GBP/USD @ 1.4100 OR BETTER – STOP @ 1.4050 – TARGET @ 1.4210
SELL USD/JPY @ 107.30 OR BETTER – STOP @ 107.70 – TARGET @ 106.10
BUY CL0518 @ 63.50 OR BETTER – STOP @ 62.50 – TARGET @ 65.10
BUY AUD/USD @ 0.7700 OR BETTER – STOP @ 0.7660 – TARGET @ 0.7785
BUY XAU @ 1330 OR BETTER – STOP @ 1324 – TARGET @ 1350
BUY XAG @ 16.20 OR BETTER – STOP @ 15.80 – TARGET @ 17.00

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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