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

By | November 19, 2018

Following on from Friday’s sharp move lower the US$ looks set to remain soft, at least in the near-term, and thus selling any US$ rallies seems to be the plan today. Note that some of the 4 hour charts are showing a degree of divergence, so I would not be piling in too heavily at current levels.

Target levels for some of the major pairs appear to be;

EurUsd: 1.1495/1.1500, 1.1525 (Fibo)

AudUsd: 0.7355 (Trend resistance), 0.7380

NzdUsd: 0.6895 (200DMA), 0.6930 (Fibo)

US$Jpy: 112.10 (100DMA/Rising trend support)

The crosses seem to hint at Aud and Nzd strength against most of the other majors, with the Kiwi likely to outperform the Aud in the medium term. Sterling still looks pretty heavy on the crosses but Brexit headlines mean high volatility on very little liquidity, so probably best to stand aside.

The stock markets look underpinned for the next 24 hours but are turning neutral in the medium term

WTI is still consolidating after having reached strong Fibo support (61.8% of 42.03/76.87 @55.32)  The dailies are at oversold extremes, so I like to buy dips, but with a tight SL placed just under the trend low of 54.73.

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*Trade of the day: November 19, 2018 6:15 AM(AET)                     

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

All trades are good till 5.00pm NY time. All “in the money trades” should have the SL raised to break-even, or managed manually. All “out of the money trades” should keep original SL in place.

Range Trade: EurUsd: 1.1380/1.1480 (SL 30 pips either side)

Range Trade: US$Jpy: 113.25 /112.25 (SL 30 pips either side)

Range Trade: AudUsd: 0.7260/0.7360 (SL 30 pips either side)

Buy AudUsd @ 0.7280. SL @ 0.7240, TP @ 0.7350

Buy WTI @ 56.25. SL @ 55.25, TP @ 58.00