It was all fairly straight forward today until Donald Trump’s intervention which rather confused the issue. Stocks broke their 5 day winning streak and headed lower and in the short term, they may have further to go although the longer term charts still hints at buying dips.
As I said yesterday, I suspect that we may have seen a near term low in Gold and Silver and we could be looking at slightly higher levels ahead although the longer term charts still suggest that Gold will eventually look at 1200 and possibly lower. In the meantime, selling in the 1230/40 area may be a plan.
In the currencies, I think the US$ will eventually head higher and I prefer to be short both the Aud$ and the Kiwi. In the crosses, note that both AudJpy and NzdJpy made a key day reversal lower and now look as though we may have further downside momentum ahead although the longer term charts are yet to react.
All up, with little on today’s calendar it may be a quiet session unless Donald Trump gets busy on Twitter. Have a good weekend.
*Trade of the day: 7/20/2018 7.15 AM (AET)
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Sell EurUsd @ 1.1680. SL @ 1.1705, TP @ 1.1580
Sell AudUsd @ 0.7400. SL @ 0.7445, TP @ 0.7315
Sell Gold @ 1235. SL @ 1245, TP @ 1215