USD held its recent highs and was little changed against other major currencies on Friday after nudging away from 13-1/2-month highs amid easing risk aversion and as investors awaited the next developments in the U.S.-China trade saga.
USD/JPY has been less perky in the Tokyo open that what we were seeing in overnight markets since yesterday's US/China trade headlines which brought about some relief in the ongoing trade war saga that has otherwise been keeping a lock on caged-up bulls.
AUD/USD is reporting moderate gains in Asia for the second day on hopes the US and China trade talks due later this month will conclude on a positive note.
EUR/USD remains bullish bias above 1.1350. The pair has located a key support at 1.1350. Currently it is trading at levels around the converging 20- and 50-period moving averages, while RSI has just dipped below the neutrality level of 50, showing a lack of upward momentum for the pair. Unless the key support at 1.1350 is violated, the pair should target 1.1400 on the upside. However, below 1.1350, expect a further decline toward 1.1310 on the downside.
On the data slate there’s Euro-Zone CPI; US leading Index; US of Michigan Sentiment and US Baker Hughes US Rig Count.
Today Trading Plan
SELL EUR/USD @ 1.1385 OR BETTER – STOP @ 1.1430 – TARGET @ 1.1310
SELL GBP/USD@ 1.2755 OR BETTER – STOP @ 1.2800 - TARGET @ 1.2660
BUY USD/JPY @ 110.90 OR BETTER – STOP @ 110.30 – TARGET @ 112.10
SELL CL0918 @ 65.50 OR BETTER – STOP @ 66.00 – TARGET @ 63.80
SELL AUD/USD @ 0.7275 OR BETTER – STOP @ 0.7290 – TARGET @ 0.7170
SELL XAU @ 1175 OR BETTER – STOP @ 1183 – TARGET @ 1155
SELL XAG @ 14.55 OR BETTER – STOP @ 15.00 – TARGET @ 14.00
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.
