It has mostly been another “risk-on” session (although the Yen has not been correlated with this today) ahead of today’s US Retail Sales and CPI reading and the charts do hint that we may be in for more of the same heading into the weekend. Stocks look strong and so do the commodity bloc currencies and buying dips there appears to be the plan. WTI nearly made it to the long-term 65.00 target, in reaching 65.75, but it has since reversed quite sharply and does look as though a short term top may be in place. Patience may be needed here but the longer term charts do still look positive so buying dips, looking for a break of 65.00 at some stage, towards the next targets, being at 65.50 and then at 66.65.
No trade ideas today. Waiting on the US CPI. Have a good weekend.