Overall there is strength in the CHF, USD and NZD. Weakness in the CAD, EUR, GBP and AUD.
USD Holds Firm Despite Sharp Pullback In Fed Rate Hike Odds.
USD/JPY is likely to rebound if the meeting is reinstated. Investors who bought the Japanese Yen for safe haven reasons are likely to sell out of these positions if tensions over the matter ease.
AUD rallied against the U.S. Dollar early in the week then held onto its gains into the close on Friday. The two-sided price action was fueled by a drop in U.S. interest rates and lower demand for risky assets.
EUR/USD fell to a 6-month lows Friday around 1.1655 but is a little stronger so far in Asia amid reports that an inability among Italian political power brokers to form a government might require fresh elections. The Italian president blocked the formation of a new government supported by two anti-establishment parties due to concerns the coalition could endanger Italy’s membership in the single currency. Preference is for long positions above 1.1675 with target at 1.1750. Alternatively, below 1.1675 look for further downside with 1.1620 as target.
On the data slate there’s Switzerland Employment Level. Due to a US Holiday, there are no US data today.
My Personal Trading Plan
BUY EUR/USD @ 1.1700 OR BETTER – STOP @ 1.1650 – TARGET @ 1.1770
BUY GBP/USD @ 1.3310 OR BETTER – STOP @ 1.3260 – TARGET @ 1.3450
SELL USD/JPY @ 109.50 OR BETTER – STOP @ 110.00 – TARGET @ 108.70
BUY CL0718 @ 66.00 OR BETTER – STOP @ 65.40 – TARGET @ 68.00
BUY AUD/USD @ 0.7560 OR BETTER – STOP @ 0.7510 – TARGET @ 0.7660
BUY XAU @ 1295 OR BETTER – STOP @ 1290 – TARGET @ 1308
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.
