17 July: Trend table outlook for FX, Commodities, Indices

By | July 17, 2018

The US$ is generally a little softer today and it seems that this could continue again today although I would not be looking for too much either way, at least until the Fed Chairman’s Testimony to the House Senate panel in the US session. As before, in the medium term I still expect the US$ to resume its uptrend, but in the meantime patience will be required.

Stocks look a little heavy in the near-term but look underpinned further out, but without showing too much enthusiasm for the upside.

In the crosses, AudJpy and AudNzd still look headed for slightly higher levels over time although there may be better levels to buy into in the near term.

The big mover of the day was WTI, down 4.2%, and it looks as though there may be further to go here, so selling rallies is preferred.

Range Trade: EurUsd: 1.1670/1.1750

Sell EurUsd @ 1.1770. SL @ 1.18050, TP @ 1.1650

Sell AudUsd @ 0.7450. SL @ 0.7480, TP @ 0.7350

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*Trade of the day: 7/16/2018 6:57 AM (AET)                           

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