2 Apr: Trend table outlook for FX, Commodities, Indices

By | April 2, 2019

The U$ looks better bid on Tuesday against most of the majors and this is backed up by a more positive DXY daily chart.

The Euro appears set for a test of the 1.1175, 7th March low, below which could see a run towards 1.1100, so I would prefer to remain short for the time being and to sell into short term strength.

US$Jpy is trading on the back of the bond/stock markets, and I suspect we may see more upside here so buying dips is preferred.

AudUsd will see some action later on, following the RBA decision. Right now the charts are mixed but I prefer to be short.

On the crosses,  EurAud looks heavy, possibly targeting 1.5700, a break of which could see a downward acceleration towards 1.5600 and possibly towards 1.5350.

US stocks look bid and do appear ready to continue to the topside, where a run towards 2900 in the S+P may be on the cards. At the same time, the DJI may see a run towards 26400, above which could target 26950.

WTI has finally reached the 200 DMA at 61.50 and appear set to run towards 63.50 (61.8% of 76.87/42.23). Buy dips.

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*Trade of the day: April 2, 2019; 8:59 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.

Sell EurUsd @1.1245. SL @ 1.1275, TP @ 1.1125

Buy S+P @ 2850. SL @ 2820, TP @ 2900

Buy WTI @ 61.00. SL @ 59.95, TP @ 63.50