13 Feb: Trend table outlook for FX, Commodities, Indices

By | February 13, 2019

The US$ is a bit lower today and has actually made a technical bullish reversal against the Euro, so in the short term we could see a move back to 1.1400 and buying dips looks to be the idea for the next 24 hours. Further out, I still like the Euro lower so waiting to sell rallies remains the medium term plan. Sterling and the Aud$ seem to have the same outlook while US$Chf and US$Jpy also seem to have further medium term gains ahead of them. In the short term though, the outlook is a little more clouded.

On the crosses, EurJpy, GbpJpy and EurChf may have a bit of upside momentum today but look pretty much neutral on the medium term charts. As we said yesterday, AudCad looks to be headed a bit lower although it is not a pair that I trade.

Elsewhere, Gold has seen a mild rally but still looks heavy on the daily charts, so selling rallies may be a plan, while WTI is volatile but remains within its range above 50.00  so is better left alone, with the next major directional move likely to come on the back of “trade headlines” coming from the US/China.

In the bigger picture, I still prefer to look for levels to be short both the Aud$ and the Euro, given the deteriorating economic outlook for both economies.

In other markets, the ASX still looks OK in the medium/long term and buying dips may be a plan here.

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*Trade of the day: February 13, 2019; 10:41 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 AudUsd @ 0.7140. SL @ 0.7505, TP @ 0.7010

Buy AudUsd @ 0.7050. SL @ 0.7010, TP @ 0.7120

Sell EurUsd @ 1.1370. SL @ 1.1410, TP @ 1.1215

Buy EurUsd @ 1.1285. SL @ 1.1245, TP @ 1.1385

Sell NzdUsd @ 0.6770. SL @ 0.6805, TP @ 0.6650

Buy US$Chf @ 1.0000. SL @ 0.0.9965, TP @ 1.0100