21 May: Trend table outlook for FX, Commodities, Indices

By | May 21, 2018

The US$ is mixed at the start of the week, but retains an overall bid tone on the back of the rising US rate structure, and as an overall theme I still prefer to look for levels to buy dollars. There was some action in EurChf on Friday and this could well continue in the coming week  as it looks as though there is some downside pressure on both EurUsd and US$Chf. I think the Euro will continue to head lower, while US$Chf, although looking heavy right now, may provide an opportunity for better levels to buy dips in order to get long. US$Jpy looks similar to US$Chf and I prefer to buy dips.

Stocks are in neutral, while the ASX appears to have run its course on the topside and may now head a little lower. I like to be short Gold and also to look for levels nearer 70.00 to buy dips in WTI.

In the crosses, AudNzd still seems to have further upside potential so buying dips is preferred, while EurAud appear to be under pressure after a decent run higher over the last 15 months.

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*Trade of the day: 5/21/2018 8:28 AM (AET)                           

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

Sell EurUsd @ 1.1800. SL @ 1.1830, TP @ 1.1680

Buy AudUsd @ 0.7470. SL @ 0.7440, TP @ 0.7570

Sell AudUsd @ 0.7590. SL @ 0.7615, TP @ 0.7470

Sell NzdUsd @ 0.6970. SL @ 0.7010, TP @ 0.6850