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

By | July 19, 2018

Stocks had another positive session and in the medium term look set for further gains although the short term charts are hinting at the chance of a dip, providing a better level to get long.

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.

The currencies are not showing much although Sterling seems set to stay under pressure, while US$Jpy seems to be a buy-on dips.

I still like the Aud$ lower over time as well although the near term looks to see it stay underpinned and today’s Australia Unemployment figures may provide us with a directional move. In the longer term though, the Fed chief, Jerome Powell’s firm stance on U.S. rate hikes, along with the troubles for China’s currency present difficulties for the Aud$. Overall I still prefer to sell on rallies.

The Euro looks set to be choppy in the near term, but the favorable DE-US yield spread should temper the Euro bulls.  Today could be range bound above 1.1600. Further out, 1.1500/10 support remains key support. If/when this is cleared, the next leg of bear market could then take hold

Sell EurUsd @ 1.1705. SL @ 1.1755, TP @ 1.1580

Sell AudUsd @ 0.7425. SL @ 0.7470, TP @ 0.7315

Sell Gold @ 1235. SL @ 1245, TP @ 1215

Buy US$Jpy @ 112.20. SL @ 111.20, TP @ 114.80

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*Trade of the day: 7/19/2018 6:32 AM (AET)                           

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