The US$ did remain firm on Friday, as expected, and it looks as though that could remain the case in the coming session although being a partial US holiday (Veterans Day) it is likely to be a quiet session. Looking to sell any of the majors against the US$, with the possible exception to the JPY which looks rangebound, may be a plan.
Elsewhere, the metals may be picking up steam on the downside, while WTI still looks awful. Stocks look mixed although I prefer to sell rallies, given the focus on the next FOMC Meeting and a likely December rate hike.
On the crosses, Sterling currently looks heavy but is probably best avoided as a positive Brexit headline could quickly alter the picture here. I also like to sell the Yen crosses (i.e. buy Jpy). I prefer to stick to EurJpy, AudJpy or NzdJpy.
Economic data highlights will include:
Mon: US Veterans Day Holiday, NZ Electronic Card Retail Sales, NZ Monthly Inflation Gauge, China New Loans, Japan Machine Tool Orders
*Trade of the day: November 12, 2018 8:33 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
All trades are good till 5.00pm NY time. All “in the money trades” should have the SL raised to break-even, or managed manually. All “out of the money trades” should keep original SL in place.
Sell EurUsd @ 1.1380. SL @ 1.1220, TP @ 1.1410
Range Trade: US$Jpy: 114.00.10 /113.10 (SL 30 pips either side)
Range Trade: AudUsd: 0.7100/0.7185 (SL 30 pips either side)
Sell AudUsd @ 0.7255. SL @ 0.7290, TP @ 0.7155
Sell NzdJpy @ 77.00. SL @ 77.35, TP @ 76.25
Sell WTI @ 61.00. SL @ 62.00, TP @ 59.00