Overall there is strength in the AUD, CAD and NZD, with minor strength in the EUR. Weakness in the USD, CHF and GBP.
USD retreated on Friday on easing of trade tensions between US and China. Media reported that the Chinese and US officials were planning talks to try to end their trade dispute before November. On the other hand, investors will focus on the release of the US Federal Reserve’s FOMC meeting on Wednesday.
Oil prices dipped on Monday as concerns over slowing economic growth weighed on markets.
USD/JPY closed lower last week for the fourth week out of five. Safe-haven buying and position-squaring in anticipation of a change in policy by the Bank of Japan is driving the Japanese Yen higher.
AUD/USD fell to lows just above 0.72 on Wednesday. This is a reminder of AUD’s risk sensitivity – indeed the correlation between global equities and AUD/USD has tightened this year.
EUR/USD is still supported by a rising trend line, which maintains the strong buying pressure. The ascending 20-period moving average acts well as a support role and should continue to push the prices higher.
RSI is also above its bullish trend line. Therefore, as long as 1.1405 hold, look for further advance to 1.1475. Alternatively below 1.1405, expect further downside with 1.1365 as target.On Data slate there’s German PPI; Euro-Zone Construction Output; German Buba Monthly Report; US FOMC Member Bostic Speech and US 3- and 6-Month Bill Auctions.
Today Trading Plan
SELL EUR/USD @ 1.1430 OR BETTER – STOP @ 1.1475 – TARGET @ 1.1310
SELL GBP/USD @ 1.2755 OR BETTER – STOP @ 1.2800 - TARGET @ 1.2660
BUY USD/JPY @ 110.40 OR BETTER – STOP @ 110.00 – TARGET @ 111.30
SELL CL1018 @ 65.20 OR BETTER – STOP @ 66.00 – TARGET @ 63.80
SELL AUD/USD @ 0.7310 OR BETTER – STOP @ 0.7380 – TARGET @ 0.7250
SELL XAU @ 1185 OR BETTER – STOP @ 1192 – TARGET @ 1165
SELL XAG @ 14.75 OR BETTER – STOP @ 15.20 – TARGET @ 14.00
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