14 May: Trend table outlook for FX, Commodities, Indices

By | May 14, 2018

Friday was a choppy but mostly uneventful session, with stocks up marginally (0.2%/0.3%) and the US$ still under some mild downside pressure but closing pretty near the levels where it started the week against most pairs. WTI settled lower, but remains above 70.00 pb after posting a weekly gain as sentiment remained positive despite signs of an increase in US production as rig counts jumped for the sixth week in a row. The metals were unchanged.

The coming week will be pretty empty on Monday, ahead of Tuesday’s busier 11 May which includes the RBA Minutes, China Retail Sales, German/EU Preliminary Q1 GDP, UK Unemployment and Inflation Report Hearing, German/EU ZEW Economic Sentiment Survey and the US Retail Sales. Wednesday will focus on the German/ EU CPI, while Thursday will look to the Australian Unemployment figures and EU Trade Balance and then Friday. Have a good week.

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The US$ looks a bit mixed on Monday and it may end up being a choppy sideways session. Cable looks a bit heavy in the medium term but is currently consolidating near the 200 DMA so I am not looking for too much here today. The same applies to EurUsd. US$Jpy looks a bit heavy but has decent support at 109.00, while the AudUsd indicators look mildly supportive. On the crosses, AudNzd looks to have further potential to the upside, while GbpAud looks heavy, as does EurAud.

Stocks seem to have further upside potential, while WTI still seems to be a buy on dips scenario.

*Trade of the day: 5/12/2018 9:25 AM (AET)                           

*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.

US$Jpy: Sidelined: Possible range trade on Monday 108.80/109.60?

Sell EurUsd @ 1.2000. SL @ 1.2050, TP @ 1.1840

Buy EurUsd @ 1.1880. SL @ 1.1810, TP @ 1.2000

Buy US$Chf @ 0.9970. SL @ 0.9930, TP @ 1.0100

AudUsd: For today, look for a range trade; 0.7490/0.7565?

Longer term: Sell AudUsd @ 0.7600. SL @ 0.7640, TP @ 0.7450