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

By | November 14, 2018

The markets look rather mixed on Wednesday, although the Euro does look as though it is capable of a test of 1.1300+ against the US$. In the longer term though the charts look heavy and so a sell-the -rally theme seems to be the game-plan. The other currency that looks OK is the Kiwi which seems relatively underpinned for the time being, both against the US$ and also against both the Aud$ and the Jpy. AudNzd seems set to test the major support line at around 1.1560.

The metals look heavy and a break of 1200 (Gold) and 14.00(Silver) looks imminent.

WTI still looks heavy but is now extremely oversold after having fallen by another 8% today. I would not be trying to go long but would stay square at current levels and look to sell rallies, as there is not a hint of a base at this stage. Keep parameters wide as the volatile conditions mean that any bounce could be vigorous.

Stocks look set to remain volatile but with little directional bias although out of choice I prefer to look to sell rallies.

The metals still look heavy and a concerted break of 1200 (Gold) and 14.00(Silver) looks imminent but may be delayed if we see a softer US$ over the coming 24 hours. – Look to sell rallies.

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*Trade of the day: November 14, 2018 7:26 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 @ 1.1320. SL @ 1.1370, TP @ 1.1200

Range Trade: US$Jpy: 114.30.10 /113.30 (SL 30 pips either side)

Range Trade: AudUsd: 0.7250/0.7150 (SL 30 pips either side)

Sell AudUsd @ 0.7240. SL @ 0.7280, TP @ 0.7100

Sell WTI @ 59.00. SL @ 60.30, TP @ 55.00