The US$ is under heavy selling pressure, and this looks set to continue in the days ahead although the short term momentum indicators are all becoming oversold (in dollar terms), so we may see a bit of a $ rally today, which would provide better levels in which to get short. The ECB Press Conference is likely to provide plenty of volatility and will most likely be the best opportunity of the session in which to do so. Cable still looks to be the best bet to me although buying any currency on dips against the dollar seems to be a decent prospect.
Commodities also look set to benefit further from the dollar’s weakness and I think WTI can now see 67.00, and further down the track, 70.00+ could be on the cards; Likewise the metals, where medium term targets of 1380 (Gold) and 18.20 (Silver) do not seem impossible.
*Trade of the day: 1/25/2018 7:41 AM (AET)……
*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.
Buy GbpUsd @ 1.4120. SL @ 1.4040, TP @ 1.4300
Buy EurUsd @ 1.2300. SL @ 1.2240, TP @ 1.2500
Buy WTI @ 65.00. SL @ 67.00, TP @ 64.00