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US dollar got firmer upon release of upbeat employment and retail sales data and was also bolstered after central banks in Europe showed continued caution about the region’s economic recovery, signalling that they are in no rush to follow the Federal Reserve in steadily raising interest rates despite a rare synchronized expansion across the world economy.
ECB left interest rates unchanged and said it will continue buying government bonds and other assets until September 2018, but at the reduced monthly rate of EUR 30 billion.
Preference to remain bearish below 1.1810 with target at 1.1705. Alternatively, above 1.1810 look for further upside with 1.1880 as target.
On the data slate there’s Euro-Zone Trade Balance; US Empire Manufacturing; US Industrial Production; US manufacturing Production; US Baker Hughes US Rig Count and US Net Long term TIC Flows.
My Personal Trading Plan
SELL EUR/USD @ 1.1795 OR BETTER – STOP @ 1.1880 – TARGET @ 1.1705
SELL GBP/USD @ 1.3430 OR BETTER – STOP @ 1.3490 – TARGET @ 1.3310
BUY USD/JPY @ 112.00 OR BETTER – STOP @ 111.70 – TARGET @ 112.80
SELL CL0118 @ 57.00 OR BETTER – STOP @ 57.60 – TARGET @ 55.80
SELL AUD/USD @ 0.7675 OR BETTER – STOP @ 0.7730 – TARGET @ 0.7580
SELL XAU @ 1258 OR BETTER – STOP @ 1265 – TARGET @ 1242
SELL XAG @ 16.15 OR BETTER – STOP @ 16.60 – TARGET @ 15.30
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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