15 Oct: Trend table outlook for FX, Commodities, Indices

By | October 15, 2018

The US$ looks rather mixed on Monday, and although the short-term momentum indicators are pointing a little lower the medium charts for the Euro, Sterling and Aussie may hinting at a basing formation, so some caution is warranted. Overall, for the next couple of days, I think we are in for some choppy two-way price action within the previously defined ranges of last week, without anything very directional taking place unless there any major moves in risk-sentiment bought about through the political agenda; Trade Wars, Brexit, Italy etc.

The stock markets though look exactly the opposite, while we may see a short-term bunce, the longer-term momentum indicators suggest that we are not done with the shakeout yet and therefore selling rallies still seems to be the theme.

The commodities are mixed, although Gold may be hinting at further strength although the 4-hour charts could yet be hinting at something of a reversal lower, which would be assisted by any near-term dollar upside momentum.

With regard to the crosses, Yen strength still seems to be in play, while EurChf may be a buy on dips. The rest all look a little clouded so may be best left alone.

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*Trade of the day: October 13, 2018 5:44 PM(AET)                        

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

Range Trade: EurUsd: 1.1500/1.1600

Sell EurUsd @ 1.16000. SL @ 1.1660, TP @ 1.1480

Range Trade: AudUsd: 0.7035/0.7135

Sell US$Jpy @ 112.80. SL @ 113.30, TP @ 111.80

Sell S+P @ 2790. SL @ 2820, TP @ 2680