Overall there is strength in the USD, CHF, EUR. Weakness in the AUD, NZD, GBP, with minor weakness in JPY and CAD.
Oil prices rose on Friday on expectations that U.S. sanctions on Iran will cut significant volumes of crude from the market towards the end of the year, but trading was muted due to the unresolved trade dispute between Washington and Beijing.
USD regained momentum on Thursday, and held onto recent gains in early trade on Friday after U.S. and Chinese officials ended two days of trade talks without any major breakthroughs.
JPY Hong Kong intervened again to defend its currency peg as the greenback rallied after U.S.-China trade talks yielded no progress.
AUD/USD was little changed on the announcement of Turnbull’s resignation, hovering above one-week lows after suffering its worst day versus the US dollar since June 14, but then rallied after the new prime minister was announced.
EUR/USD remains under pressure below its nearest resistance at 1.1575. Both the 20- and 50-period moving averages are turning down and should continue to push the prices lower. RSI remains capped by a declining trend line. As long as 1.1575 is not surpassed, likely decline to 1.1480. Alternatively, above 1.1575, look for further upside with 1.1600 as target.
On Data slate there’s US Federal Reserve Hosts Annual Jackson Hole Central Banking Symposium; German GDP; UK Loans for House Purchase; US Durable Goods; US Powell to Discuss Economy and Monetary Policy in Jackson Hole and US Baker Hughes US Rig Count.
Today Trading Plan
SELL EUR/USD @ 1.1565 OR BETTER – STOP @ 1.1620 – TARGET @ 1.1410
SELL GBP/USD @ 1.2850 OR BETTER – STOP @ 1.2910 - TARGET @ 1.2750
BUY USD/JPY @ 111.20 OR BETTER – STOP @ 110.80 – TARGET @ 112.25
BUY CL1018 @ 67.90 OR BETTER – STOP @ 67.40 – TARGET @ 69.65
SELL AUD/USD @ 0.7295 OR BETTER – STOP @ 0.7350 – TARGET @ 0.7210
SELL XAU @ 1188 OR BETTER – STOP @ 1195 – TARGET @ 1173
SELL XAG @ 14.75 OR BETTER – STOP @ 15.20 – TARGET @ 14.00
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