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

By | October 18, 2018

The US$ is firmer today after the market decided to see the FOMC Minutes as hawkish, with US$Chf in particular looking as though it may be showing the way towards further gains in the sessions ahead. I therefore prefer to be long US$ against any of the majors although we may see better levels to do so in the Aud$ if the Unemployment figures are better than expected. Stay away from Sterling again as the EUBrexit summit is in full swing.

The crosses are rather messy, so probably best left alone today, and with stocks having had a volatile but sideways session the only other real standout opportunity appears to be in WTI, which fell sharply after the big jump in US inventories for a fourth week running, with the EIA report pushing prices down as much as 3% – and with the prospect of more to come in the days ahead- according to the charts.

Economic Calendar today:

Thur: EU Brexit Summit, NAB Business Confidence/Conditions, Australian Unemployment, German Wage Price Index, UK Retail Sales, US Jobless Claims


*Trade of the day: October 18, 2018 7:57 AM(AET)                       

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

Range Trade: EurUsd: 1.1525/1.1625 (SL 30 pips either side)

Range Trade: US$Jpy: 112.00 /113.00 (SL 30 pips either side)

Range Trade: AudUsd: 0.7035/0.7135 (SL 30 pips either side)

Sell EurUsd @ 1.1550. SL @ 1.1610, TP @ 1.1435

Sell AudUsd @ 0.7140. SL @ 0.7170, TP @ 0.7050

Sell Gold @ 1230. SL @ 1237, TP @ 1217

Sell WTI @ 71.00. SL @ 71.85, TP @ 67.50