Overall there is strength in the JPY, and USD with minor strength in CAD, AUD, and NZD. Weakness in the EUR and GBP with minor weakness in CHF.
US Dollar pared gains after the Federal Reserve released minutes from its May 1-2 meeting, signalling it might be willing to let inflation run above its 2% target without necessarily picking up its pace of interest-rate increases.
Oil prices drop on potential increase in OPEC output. Libya, which is an OPEC member, cut its oil production by about 120,000 barrels per day as unusually hot weather prompted power problems, an official from the National Oil Corp said on Wednesday.
USD/JPY closed yesterday below the 200-day MA and ascending trendline, opening doors for a deeper pullback towards the key support at 108.64.
AUD tripped lower against the US Dollar in the early Asia session for Thursday following statement by the US that they are seeking yet more tariffs, this time targeting foreign vehicles. The AUD/USD slipped to 0.7550 on the news, but the pair seems to be recovering and is trading back into 0.7565.
EUR/USD touched a low of 1.1675 last seen in November 2017. Market may have been over-sold at this point and expect a rebound or a correction. Preference for long position above 1.1700 for further upside with 1.1800 as target. Alternatively, the downside should be limited with target at 1.1650.
On the data slate there’s German GDP; German Consumer Confidence; UK Carney, Dudley Speak at BOE Markets Forum in London; Euro-Zone ECB Published Financial Stability Review; UK Retail Sales; US Initial Jobless Claims; US Continuing Claims; US House Price Purchase Index; US Kansas City Fed. Manufacturing Activity and UK BOE’s Carney Speaks at Event in London.
My Personal Trading Plan
BUY EUR/USD @ 1.1700 OR BETTER – STOP @ 1.1650 – TARGET @ 1.1770
BUY GBP/USD @ 1.3360 OR BETTER – STOP @ 1.3310 – TARGET @ 1.3500
SELL USD/JPY @ 109.80 OR BETTER – STOP @ 110.30 – TARGET @ 109.00
BUY CL0718 @ 71.50 OR BETTER – STOP @ 71.00 – TARGET @ 72.80
BUY AUD/USD @ 0.7560 OR BETTER – STOP @ 0.7510 – TARGET @ 0.7660
BUY XAU @ 1290 OR BETTER – STOP @ 1285 – TARGET @ 1305
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.
Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of considerable returns down the road.
I'm so proud of my little blog, and so grateful to all of you
for support to keep it going.
If You are New in Trading --> Read Trading Education Center / Volume I.
What You Know About --> Fibonacci Retracement in Trending Market.
