Conditions have been thin and a fairly neutral outlook prevails today although both the Aud and the Kiwi appear to have topped out and look heavy – both against the US$ and on the crosses. Today’s Australian Retail Sales will provide the next direction but the charts are increasingly hinting at selling into strength. The Aud$ also looks heavy against the Kiwi and is breaking down through strong support at current levels. Below 1.05000 would hint at 1.0350.
Stocks generally remain highly volatile and are probably best left alone although I prefer to trade from the short side.
*Trade of the day: December 6, 2018; 6:55 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
All trades are good till 5.00pm NY time. All “in the money trades” should have the SL raised to break-even, or managed manually. All “out of the money trades” should keep original SL in place.
Range Trade: EurUsd: 1.1280/1.1380 (SL 30 pips either side)
Range Trade: AudUsd: 0.7300/0.7215 (SL 30 pips either side)
Range Trade: US$Jpy: 113.60 /112.60 (SL 30 pips either side)
Range Trade: NzdUsd: 0.6850 /0.6920 (SL 30 pips either side)
Sell AudUsd @ 0.7300. SL @ 0.7340, TP @ 0.7200