11 Jan: Trend table outlook for FX, Commodities, Indices

By | January 11, 2019

A lot of blue on the heat map highlights the current indecision in the markets, and with many balls in the air – Brexit, US/China trade talks, US Govt. shutdown, Fed Policy etc – I suspect that the choppy and rather directionless conditions are set to continue.

The US$ is showing us very little after having failed to continue with its breakout move yesterday, although interestingly, US$Chf has made a bullish outside reversal today. At the same time, the US$Jpy charts may be showing some signs of basing, with the dailies in particular now having become oversold and potentially turning up. It is very early days to see if the dollar is going to do anything directional though and I would think further choppy trade is likely, with Friday looking towards the US CPI for guidance.

Stocks seem to have run out of steam in the short term and may need to stop to take breath, but the daily charts still look bullish, and the weeklies may also be on the point of turning higher, so buying dips now seems to be the plan.

WTI has closed Thursday above the 200 WMA (52.05), which may slow its upside progress, however with the charts looking positive, I think we can head higher. As long as we end the week above 52.00, buying dips is still favoured, otherwise some consolidation near 50.00 is expected..

After attempting to move higher, Gold failed to reach 1300 and turned down to finish on the day’s lows, supported by the 200 HMA. The dailies are looking toppish now, so selling rallies, with a tight SL placed above 1300 may be a plan.


*Trade of the day: January 11, 2019; 10:43 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.

Sell EurUsd @ 1.1565. SL @ 1.1.1605, TP @ 1.1465

Buy EurUsd @ 1.4440. SL @ 1.1395, TP @ 1.1540

Buy US$Jpy @ 107.80. SL @ 107.10, TP @ 108.80

Buy AudUsd @ 0.7125. SL @ 0.7095, TP @ 0.7245

Sell AudUsd @ 0.7215. SL @ 0.7245, TP @ 0.7135

Buy WTI @ 51.20. SL @ 49.90, TP @ 53.00

Sell Gold @ 1294. SL @ 1304, TP @ 1275