It has been a pretty non-descript session, mostly confined to tight ranges but going nowhere fast. Cable was again the exception, trading in choppy fashion but ending towards the day’s lows and it looks heavy on the charts at the start of Friday trade. Selling rallies against either the US$ or on the crosses currently looks to be the plan, or more likely, leave it alone altogether.
Otherwise, there is very little to provide inspiration today and it would seem likely to be a fairly quiet run into the week end with most pairs seemingly rangebound, although the Jpy may see some action if the BOJ spring a surprise at today’s BOJ Meeting. As before US$Jpy has broken above the convergence of the 100 DMA/200 DMA (111.35) but bracketed by the 100 WMA (110.75/112.25) and may be a reasonable range trade.
Note that WTI is breaking higher in breaking out of its consolidation, reaching 59.05 on Thursday, and seems to test 60.00+. WTI is breaking above the neckline of the reverse Head/Shoulders, at 58.30 and also above the 100 WMA, which lies at the same level. If this is a S/H/S formation, the target here is at around $70.00. We really need to close the week above the 200 WMA (58.30) to grow confident of further gains, so keep a SL below this level, as a failure to carry on may see a reversal to the downside as longs rush for the exit.
Stocks are mixed – stand aside.
*Trade of the day: March 15, 2019; 10:26 AM(AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
All trades are good till 5.00pm NY time. All “in the money trades” should have the SL raised to break-even, or managed manually. All “out of the money trades” should keep original SL in place.
Sell EurUsd @1.1350. SL @ 1.1385, TP @ 1.1260
Buy EurUsd @ 1.1275. SL @ 1.1245, TP @ 1.1350
Sell AudUsd @ 0.7090. SL @ 0.720, TP @ 0.7015
Buy AudUsd @ 7020. SL @ 0.6990, TP @ 0.7100
Range Trade: US$Jpy: 110.75/112.25 (SL 30 pips either side)