Overall there is strength in the GBP and AUD. Weakness in the CHF, and NZD with minor weakness in the CAD and JPY.
Gold's 50-day moving average (MA) crossed the 200-day MA from below earlier this week, confirming the golden crossover - a long-term bullish indicator.
ICE Dollar Index was stuck in a tight trading range on Thursday, while managing to hold the 96.00 handle.
Aussie continues to trade flatly near familiar levels as markets await trade headlines. The US could consider lifting tariffs on China, but details remain thin.
GBP jumped 0.8% to $1.2983. UK Member of Parliament Nick Boles proposed a plan to block a no-deal Brexit, which would force Prime Minister Theresa May to ask for a Brexit delay in case her revised deal is not approved in time.
EUR/USD remains under pressure below the key resistance level at 1.1410, which should limit the upside potential. RSI is around its neutrality level at 50, showing the lack of upward momentum for the prices. Hence, as long as 1.1410 holds, look for a re-test of 1.1370. A break below this level would trigger a drop to 1.1340. Alternatively, crossing above 1.1410 would bring a technical rebound with 1.1440 and 1.1510 as targets.
On the data slate there’s UK Retail Sales; US Industrial production; US Manufacturing Production; US U. of Michigan Sentiment and US Baker Hughes US Rig Count.
Today Trading Plan
BUY EUR/USD @ 1.1390 OR BETTER – STOP @ 1.1350 – TARGET @ 1.1510
BUY GBP/USD @ 1.2960 OR BETTER – STOP @ 1.2860 - TARGET @ 1.3075
SELL USD/JPY @ 109.30 OR BETTER – STOP @ 109.80 – TARGET @ 108.50
BUY CL0319 @ 52.60 OR BETTER – STOP @ 52.00 – TARGET @ 53.50
BUY AUD/USD @ 0.7160 OR BETTER – STOP @ 0.7130 – TARGET @ 0.7265
BUY XAU @ 1290 OR BETTER – STOP @ 1285 – TARGET @ 1305
BUY XAG @ 15.60 OR BETTER – STOP @ 15.10 – TARGET @ 16.00
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.