While the longer term charts suggest that the current US$ weakness is likely to continue, the short term momentum indicators do hint that we may be in for a period of consolidation so a cautious tone is warranted. The same applies to the US stock indices, which today have made a bearish key-day reversal after making yet a new all-time high earlier in the session, and may be signaling a warning of further downside potential in the sessions ahead. WTI also looks a little toppish in the short term and may see lower levels ahead although the underlying demand would suggest that the medium term will see another run to test 65.00+. In the meantime there may be better levels than we are currently seeing at which we might get long.
*Trade of the day: 1/17/2018 8:01 AM (AET)……
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Sell EurUsd @ 1.2300. SL @ 1.2330, TP @ 1.2200 and/or
Buy EurUsd @ 1.2200. SL @ 1.2150, TP @ 1.2300
Buy WTI @ 62.00. SL @ 61.00, TP @ 64.50