Overall there is strength in the GBP and CHF with minor strength in the JPY. Weakness in the CAD, USD and NZD.
A corrective rally will likely gather steam if Gold finds acceptance above the 50-hour moving average.
USD/JPY pair is reaching upwards in early Asia trading for Friday, testing back into the 110.00 handle.
Bullish momentum of AUD/USD is fueled by USD sell-off rather than Aussie buying, downside still remains the risk.
EUR/USD is at 1.1606 early in Asia on Friday, having shrugged off widening 10-year government bond yield spreads between Italy and Germany overnight. Appointing two staunchly euro-sceptics lawmakers to head key economic committees in the Italian parliament raise doubts about Italy’s commitment to the euro zone’s fiscal stability and growth pact.
On the data slate there’s German Composite, Services and Manufacturing PMI; Euro-Zone Manufacturing, Services and Composite PMI; UK BOE Quarterly Bulletin; US Manufacturing, Services and Composite PMI and US Baker Hughes US Rig Count.
My Personal Trading Plan
SELL EUR/USD @ 1.1605 OR BETTER – STOP @ 1.1650 – TARGET @ 1.1510
SELL GBP/USD @ 1.3250 OR BETTER – STOP @ 1.3280 – TARGET @ 1.3105
BUY USD/JPY @ 110.00 OR BETTER – STOP @ 109.50 – TARGET @ 111.10
BUY CL0818 @ 66.25 OR BETTER – STOP @ 65.70 – TARGET @ 67.10
SELL AUD/USD @ 0.7390 OR BETTER – STOP @ 0.7450 – TARGET @ 0.7320
SELL XAU @ 1270 OR BETTER – STOP @ 1278 – TARGET @ 1260
SELL XAG @ 16.40 OR BETTER – STOP @ 16.90 – TARGET @ 15.80
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.
