10 July: Trend table outlook for FX, Commodities, Indices

By | July 10, 2018

The heat map suggests that Tuesday will see some mild US$ weakness against the EU majors although the commodity bloc looks as though it might be confined to a range near current levels. In the longer term, I still like the dollar although right now a cautious stance is required, especially against the Euro and the Aud, where the daily charts still show further upside potential for both currencies.

On the crosses, Sterling took a tumble although the dailies are yet to show any real directional move, but EurJpy and AudJpy still seem set to have further gains ahead of them.

Stocks look healthy and appear set for higher levels as we await the Q2 reporting season, while WTI, although mixed in the near term still appears to have further upside potential. Gold and Silver both look choppy, although a stronger dollar, if we see it, should reassert the pressure on the downside.


*Trade of the day: 7/10/2018 7:14 AM (AET)                           

*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.

Sell EurUsd @ 1.1785. SL @ 1.1815, TP @ 1.1685

Buy EurUsd @ 1.1700. SL @ 1.1660, TP @ 1.1780

Buy EurJpy @ 129.80. SL @ 129.40, TP @ 130.80