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

By | October 23, 2018

The charts are showing little medium term change and further choppy trade is expected while we wait on the important data later in the week (ECB Meeting/US GDP) but the US$ does look mildly bid today, so selling rallies in the Euro/Aud/Nzd is preferred. US$Jpy and US$Chf both look pretty much rangebound and Cable is best left alone due to the political headlines around Brexit that are driving the direction.

US Stocks still look heavy in the medium term and I suspect are a sell-on-rally scenario, while Gold seems to be losing some of its recent upside momentum and that will continue if the US$ remains firm..

Tue: German PPI, Richmond Fed Mfg Index, EU Preliminary Consumer Confidence, Fed’s Kashkari Speech

Wed: Japan/EU/US Preliminary PMIs,

Thur: NZ Trade Balance, German Consumer Confidence Survey, German IFO Business Climate/Expectations, ECB Interest Rate Decision, US Pending Home Sales, Durable Goods Orders, Goods Trade Balance, Kansas Fed Mfg Activity

Fri: Japan – Tokyo CPI, US GDP/US Personal Consumption/Expenditure, Rts/Michigan Consumer Sentiment Index, ECB Speeches – Draghi/Coeure

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*Trade of the day: October 22, 2018 7:21 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: 1.1400/1.1500 (SL 30 pips either side)

Range Trade: US$Jpy: 113.10 /112.25 (SL 30 pips either side)

Range Trade: AudUsd: 0.7040/0.7115 (SL 30 pips either side)

Sell EurUsd @ 1.1510. SL @ 1.1555, TP @ 1.1400

Sell AudUsd @ 0.7110. SL @ 0.7140, TP @ 0.7010

Sell AudNzd @ 1.1850. SL @ 1.1880, TP @ 1.1775