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

By | March 13, 2019

It has been a wild ride for Sterling leading into the Brexit vote and that has continued following the failure to pass the Governments motion through Parliament. With another vote due tomorrow and the real possibility of leaving the EU with a “No-Deal” outcome, Sterling looks to be in a precarious frame of mind.

Elsewhere, the US$ is soft again after the lower than expected CPI and it does look set to remain under pressure for the next 24 hours against the Euro, Chf and possibly the Aud and the Kiwi. US$Jpy looks pretty stuck where it is, sitting right on the convergence of the 100 DMA/200 DMA (111.30) and bracketed by the 100 WMA (110.75/112.25) and may be a reasonable range trade.

In the medium term, the FX markets are turning more neutral and a nimble stance is required. The DXY daily momentum indicators still point higher but they are running out of steam, with the index now back below 97.00, currently at 96.90.

The main interest in the crosses seems to be in AudNzd, which seems to be heading slowly for a look towards parity.

Commodities appear choppy and right now are possibly best left alone although a break above Fibo resistance at 1306 (Gold) and 15.45 (Silver) could see a squeeze higher so a SL entry break may be worth considering. WTI is doing nothing but chopping sideways so avoid for now.

Stocks are mixed – stand aside.


*Trade of the day: March 13, 2019; 10:34 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 @1.1330. SL @ 1.1355, TP @ 1.1230

Buy EurUsd @ 1.1250. SL @ 1.1200, TP @ 1.1350

Sell AudUsd @ 0.7115. SL @ 0.7155, TP @ 0.7055

Buy AudUsd @ 7050. SL @ 0.7015, TP @ 0.7135

Buy US$Chf @ 1.0075. SL @ 1.0025, TP @ 1.02000

Range Trade: US$Jpy : 110.75/112.25 (SL 30 pips either side)